Accrued Product Warranty A Wrinkle in Time Inc. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $705,500 for March. In April, a customer received warranty repairs requiring $23,987 of parts. a. Determine the warranty liability at March 31 , the end of the first month of the current fiscal year. Round your answer to the nearest dollar. b. What accounts are decreased for the warranty work provided in April