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 companys statement of financial position at the end of the current year?