Harbour Company disclosed estimated product warranty payable for comparative years as follows: Current Year Prior Year (in millions) (in millions) Current estimated product warranty payable $15,520 $14,8801 Noncurrent estimated product warranty payable 9,440 $24,960 8,320 $23,200) Total Assume that Harbour's sales were $183,040 million in the current year and that the total paid on warranty claims during the current year was $16,000 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash relative to the quick current assets and other longer-term ( the business b. Journalize the adjusting entry for the current year's product warranty expense. Enter your answers in millions. If an amount box does not require an entry, leave it blank 88 c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements?