Bernadette Corporation introduced a new line of products in 2019 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 2% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $246,040 $2,488 What is the remaining liability on December 31, 2019