General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: Presume that GM's sales were $147,049 miltion in Year 2 and that the total paid on warranty claims during Year 2 was $3,000million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash on the business reletive to the quick current assets and other longer-term b. Provide the journal entry for the Year 2 product warranty expense. If an amount box does not require an entry, leave it blank. c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements? General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: Presume that GM's sales were $147,049 million in Year 2 and that the total paid on warranty claims during Year 2 was $3,000 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash on the business relative to the quick current assets and other longer-term