Nash Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 365 computers at a unit price of $2,360. On the basis of past experience, the 2-year warranty costs are estimated to be $140 for parts and $190 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from the computer. (a) Your answer has been saved. See score details after the due date. Record any necessary journal entries in 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cash Warranty Expense Sales Revenue Warranty Liability Debit 861,400 120.450 Credit 861,400 120,450 What liability relative to these transactions would appear on the December 31, 2020, balance sheet and how would it be classified? Nash Corporation Balance Sheet (Partial) $