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Exercise 13-20 Your answer is incorrect. Monty Corporation manufactures a line of amplifiers that carry a three- year warranty against defects. Based on experience, the estimated warranty costs related to dollar sales are as follows: first year after sale 1% of sales; second year after sale-2% of sales, and third year after sale-3% of sales. Sales and actual warranty expenditures for the first three years of business were: Sales 2015 $770,000 2016 1,110,000 2017 1,058,000 Warranty Expenditures $16,100 46,400 85,000 Calculate the amount that Monty Ltd. should report as warranty expense on its 2017 income statement and as a warranty liability on its December 31, 2017 statement of financial position using the assurance-type warranty (expense-based approach). Assume that all sales are made evenly throughout each year and that warranty expenditures are also evenly spaced according to the rates above. Warranty expense Warranty liability