Computer Wholesalers restores and resels notebook computers. It originaly acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it selis with a 90 -day waranty against defects. Based on previous experience, Compuler Wholesalers expects warranty costs to be approximately 5% of sales. Sales for the month of December are $450.000. Actual warranty expenditures in January of the following year were $15,500. 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 bolance in the Warranty Liability account afer the entries in Parts 2 and 3 ? Complete this question by entering your answers in the tabs below. Aecord the necessary entries in the Journal Entry Worksheet below. (II no entry as required for a particular transaction/event, seiect "No Journal Entry Recuired in the frist account field.) Journal entry worksheet Recond the contingent liabiily for warranties