The following research and discussion questions concern estimated liabilities and specifically are based on accounting for warranties and contingencies in accordance with GAAP. Please use your Class Notes and text to research and respond to each of the following situations. Where computations are involved please provide welllabeled computations. Where explanations or descriptions are involved please support your answer and write using clear, unequivocal language. reporting in accordance with GAAP? 3. The Pena Corporation (TPC) is a defendant involving a contingency that is probable can be reasonably estimated. Explain how TPC should report this contingency in accordance with GAAP. 4.-Speer Cycle Sales, Inc. offers warranties on all their bikes. They estimate warranty expense at 5% of sales. At the