Aqua Construction Installs swimming pools. They calculate that warranty obligations are 5% of gross sales. For the year just ending Aquas gross sales were $1,500,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of 548,700. Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st. T Paragraph Arial 3 (12)