aajusml the February, the current fiscal year, to record b. Journalize the entry to record the warranty wor provided in a. Journalize the General Motors Corporation (GM) disclosed estimated product warranty pa tive years as follows: payable for compara. EX 11-21 Accrued product warranty in millions Year 2 $3,059 4,327 Year $2,884 Current estimated product warranty payable Noncurrent estimated product warranty payable Total 4,147 $7.386 $7031 Presume that GM's sales were $135,592 million in Year 2 and that thet warranty claims during Year 2 was $3,000 million. total paid on Chapter 11 Current Liabilities and Payroll 571 Why are short- and long-term estimated warranty liabilities disclosed separately? be l. . Provide the journal entry for the Year 2 product warranty expense. :. What two conditions must be met in order for a product warranty liability to reported in the financial statements