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Cool Sound Ltd. makes stereos having a three-year warranty against defects. The estimated warranty repair costs are as follows: the first year after the sale-2% of sales; the second year after the sale--3% of sales; and the third year after the sale--4% of sales. The sales and actual warranty expenditures for the first three years were: Sales Warranty Expenditures 2018 $ 800,000 $16,500 2019 1,000,000 47,500 2020 1,100,000 85,000 Required: a. Calculate the amount that Cool Sound Ltd. should report as warranty experse for 2018, 2019, and 2020. b. Calculate the warranty liability balance on the December 31, 2020 balance sheet date using the expense-based approach. EE 1