28. Turtle company estimated annual warranty expense at 2% of annual net sales. The net sales for the warranty for the current year amounted to P4,000,000. At the beginning of the current year, the warranty liability was P60,000 and the warranty payments during the current year totaled P60,000. What is the warranty expense for the current year? * a. 70,000 b. 50,000 c. 80,000 d. 60,000 29. Using the same problem in No. 28, What is the warranty liability at year-end? * a. 10,000 b. 70,000 c. 80,000 d. 90,000 30. Liquidating dividends * a. are prohibited under IFRS b. require a credit to share capital c. reduce amounts paid in by shareholders d. all are correct