ghment Question 1 (of 9) value: 1.00 points Right Medical Based on industry experience with similar product introductions, warranty costs are expected to approximate 1% of sales. Sales were $20 million and actual warranty expenditures were $29,000 for the first year of selling the product. What amount (if any) should Right report as a liability at the end of the year? Enter your answers in whole dollars.) l introduced a new implant that carries a five-year warranty against manufacturer's defects. Warranty Liability Beg. Bal. Warranty expense Actual expenditures End Bal ReferenceseBook & Resources Learning Objective: 13-05 Identily situations that const tute contingencies and the circumstances under which they should be Worksheet Learning Objective: 13-06 Demonstrate tihe appropriate accounting trestment for contingericies, including unasserted ctaims Difficulty: 2 Medium