During the current year, a company sold$10,000$units

of a product that was covered by a two$-$year assurance warranty

against defects. Experience indicates that approximately$4\%$ of

the units sold will require warranty repairs, at an average cost of

$$70$per unit. The actual costs incurred during the year for

repairs under the warranty totalled $$7,100.$ What amount of

liability $($if any$)$ should be reported on the company$$s statement of

financial position at the end of the current year?