Skysong Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts the basis of past experience, the 2-year warranty costs are estimated to be $167 for parts and $197 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from the computer. 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 Credit What liability relative to these transactions would appear on the December 31, 2020, balance sheet and how would it be classified? Skysong Corporation Balance Sheet (Partial), Record any necessary journal entry in 2021. (If no entry is required, select "No Entry" for the account titles and enter O for the Account Titles and Explanation Debit Credit