(The following information applies to the questions displayed below Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4 % o Actual warranty expenditures in January of the following year were $16,000. sales. Sales for the month of December are $460.000 8 value Required information 100 points Required: 1. Does this situation represent a contingent liability? Yes O No 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 1 Record the contingent liability for warranties. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 View general journal Record entry Clear entry value 1.00 points 4. What is the balance in the Warranty Liability account after the entries in Part 2 and 3? Warranty liability