Accrued Product Warranty Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $15,890 $15,234 Noncurrent estimated product warranty payable 9,665 8,518 Total $25,555 $23,752 Assume that Harbour's sales were $187,399 million in current Year and that the total paid on warranty claims during the current year was $16,381 million, - the a. The distinction between short and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash demands on business relative to the quick current assets and other longer-term demands Cedy Wor b. Provide the journal entry for the current Year product warranty expense. Enter your answers in millions Product Warranty Expense Product Warranty Payable What two conditions must be met in order for a product warranty liability to be reported in the financial statements? the probable that the ability will occur and the amount of the liability is reasonably estimable