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 $13,769 $13,201 Noncurrent estimated product warranty payable 8,375 7,381 $22,144 $20,582 Total Assume that Harbour's sales were $162,391 million in current Year and that the total paid on warranty claims during the current year was $14,195 million a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash the business relative to the quick current assets and other longer-term b. Provide the journal entry for the Current Year product warranty expense. Enter your answers in millions. c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements