Homework saved Sony introduces a new compact music player to compete with Apple's iPod that carries a two year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales By the end of the first year of selling the product, total sales are $30.4 milion, and actual warranty expenditures are $240,000. What amount (if any) should Sony report as a llability at the end of the year? (Enter your answer in dollars, not millions. For example, 55.5 million should be entered as 5,500,000.) 24 Warranty liability