if Current estimated product warranty payable $13,045 $12,507 Noncurrent estimated product warranty payable 7,934 6,993 Total $20,979 $19,500 Presume that Lachgars sales were $169,983 million in Year 2. Assume that the total paid on warranty claims during Year 2 was $13,448 million. a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash on the business relative to the quick current assets and other longer-term . b. Provide the journal entry for the Year 2 product warranty expense. fill in the blank e7e0dafcc03bfc2_2 fill in the blank e7e0dafcc03bfc2_4 c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements?