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Sony introduces a new compact music player to compete with Apple's iPod that carries a two-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 1.9% of sales. By the end of the first year of selling the product, total sales are $48 million, and actual warranty expenditures are $175,000.

What amount (if any) should Sony report as a liability at the end of the year? (Enter your answers in whole dollars.)

Warranty Liability =

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Category:- Accounting Basics
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