Marigold Ltd$.$ manufactures a line of amplifiers that carry a three$-$year warranty against defects. Based on experience, the estimated warranty costs related to dollar sales are as follows: first year after sale$-2\%$ of sales; second year after sale $-4\%$ of sales; and third year after sale$-5\%$ of sales. Sales and actual warranty expenditures for the first three years of business were:SalesWarrantyExpenditures$2021$$$770,000$$$16,10020221,110,00046,40020231,013,00085,000($a$)$ Calculate the amount that Marigold should report as warranty expense on its $2023$ income statement and as a warranty liability on its December $31,2023$ SFP using the assurance$-$type warranty $($expense$-$based approach$).$ Assume that all sales are made evenly throughout each year and that warranty expenditures are also evenly spaced according to the rates above.Warranty expense$$111430$Warranty liability