aovided in February. EX 10-23 Accrued product warranty Obj. 5 General Motors Company (GM) disclosed estimated product warranty payable for ompara- tive years as follows: RLD in millions) Prior Year $2,721 Current Year Current estimated product warranty payable Noncurrent estimated product warranty payable Total $3,582 6,064 4880 $9,646 $7.601 Assume that GM's sales were $155,929 million in the current year and that the total paid on warranty claims during the current year was $4,326 million. A. Why are short- and long-term estimated warranty liabilities separately disclosed? B. Provide the journal entry for the current year product warranty expense. C. What two conditions must be met in order for a product warranty liability to be reported in the financial statements