Photon Corporation offers a 2-year warranty for all of its products. Pioneer began the year with a credit balance of $25,000 in the Estima Warranty Liability account. This year, Pioneer recognized sales of $2,125,000 and estimates that 4% of sales will be returned for warranty year, $50,000 of warranty work was performed. What is Pioneer's Warranty Expense for the year? $35,000 $85,000 O $60,000 O $110,000 Question 47 A potential liability which depends on a future event arising out of a past transaction is known as a(n): O Accrued liability O Contingent liability O Current liability O Deferred liability