Homework Seve Su Required information The following information applies to the questions displayed below) Computer Wholesalers restores and resets Notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backseach notebook it soils with a 90-day warranty against defects. Based on previous experience Computer Wholesalers expects warranty costs to be approximately of sales Sales for the month of December are $590.000. Actual warranty expenditures in January of the following year were $22300 Required: 1. Does this situation represent a contingent liability Yes No Yes No