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 Noncurrent estimated product warranty payable Total Assume that Harbour's sales were $154,326 million in current Year and that the total paid on warranty claims during the current year was $13,490 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash relative to the quick current assets and other longer-term 13,085 $12,546 7,015 21,044 $19,561 7,959 the business 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