Take me to the text Chan-Nee Enterprises sells heavy-duty lawnmower equipment. On May 11, 2020, they sold a lawnmower (on account) for $44,000 which included a 4- year unlimited warranty. The corporation's accountant estimates that $2,800 will be paid out in warranty obligations. The cost of goods sold is $17,600. Assume Chan-Nee uses a perpetual inventory system. Prepare the journal entries relating to these transactions. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit May 11 To record the sale of the lawnmower May 11 To record cost of goods sold May 11 To accrue for estimated warranty costs

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.