Vance Refrigeration began operations on January 1.2019 by selling refrigerators directly to customers. Each customer that purchases a refrigerator from Vance Refrigeration receives a 2-year assurance-type warranty ti t covers the cost of fixing broken refrigerators, Due to his previous experience in the refrigeration industry, Bob Vance, CEO of Vance Refrigeration, estimates total warranty costs to equal 3% of sales in the year of the sale and 7% in the year after the sale. During 2019. Vance Refrigeration had $1,500,000 of total sales and paid $37,000 for actual warranty expenditures. Assume all sales and warranty expenditures are in cash. Which of the following is true about December 31,2019 financial statements? The company's estimated warranty liability is $113,000 NONE of the statements above are true. ALL of the other statements above are true. The company's warranty expense is $150,000 The companys sales revenue is $1,500,000