completion. 5 Return to question 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 3% of sales. By the end of the first year of selling the product, total sales are $31 million, and actual warranty expenditures are $300,000. What amount (if any) should Sony report as a liability at the end of the year? (Enter your answer in dollars, not millions. For example, 55.5 million should be entered as 5,500,000.) Answer is complete but not entirely correct. Warranty lubdity $ 900,000