Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $14,404 $13,810 Noncurrent estimated product warranty payable 8,761 7,721 Total $23,165 $21,531 Assume that Harbour's sales were $169,873 million in current Year and that the total paid on warranty claims during the current year was $14,849 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash demands on the business relative to the quick current assets and other longer-term demands . Feedback b. Provide the journal entry for the Current Year product warranty expense. Enter your answers in millions. Product Warranty Expense 1,550,240,000 Product Warranty Payable 7,721 Feedback c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements? It is probable that the liability will occur and the amount of the liability is reasonably estimable. Feedback Feedback