Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgreding their computer systame, and in bocke esch notebook it sells with a 90-day warranty against defocts. Based on previous experience. Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of December are $400,000. Actual warranty expenditures in January of the following year were $13,000. Required: L. Does this stuation represent a contingent liability? 2. \& 3, Pecord the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Lability account after the entries in Parts 2 and 3 ? Complete this question by entering your answers in the tabs below. Does thes situation represent a contingent liability? Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corpol upgrading their computer systems, and it backs each notebook it sells with a 90 -day warranty against defects. Based on pre experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of Decemb $400,000. Actual warranty expenditures in January of the following year were $13,000. Required: 1. Does this situation represent a contingent liability? 2. \&.3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Llability account after the entries in Parts 2 and 3 ? Complete this question by entering your answers in the tabs below. What is the balance in the Warranty Llability account after the entries in Parts 2 and 3 ? Journal entry worksheet 2 Note: Enter debits before credts. Journal entry worksheet Record the actual warranty expenditures. Noce: Eriter debits before credits