Accrued Product Warranty Harbour Company discosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $13.307 $12,759 Noncurrent estimated product warranty payable 8,094 7.134 Total $21,401 $19,893 Assume that Harbour's sales were $156,945 million in current Year and that the total paid on warranty claims during the current year was $13,719 million a. The distinction between short and long-term liabilities is important to creditors in order to accurately evaluate the near term cash other longer torm the business relative to the quick current assets and b. Provide the journal entry for the current year product warranty expense. Enter your answers in millions. It an amount box does not require an entry wave it blank c. What two condition must be met in order for a product warranty liability to be reported in the financial statements