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Wiley Corp. offers a 3-year warranty. They expect the warranty costs to be 1% of the selling price in the 1st year, and 3% in

Wiley Corp. offers a 3-year warranty. They expect the warranty costs to be 1% of the selling price in the 1st year, and 3% in both the second and third year. Sales in year 1 = $6,647,683 and warranty costs incurred were $89,082. What is the balance in the warranty liability account at the end of year 1 (round to the nearest whole dollar)?

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