Current Liability (20 marks) Color the World Co., with a December 31 year end date, sells high definition televisions for $5,000 each. Each television comes with a four-year warranty covering parts and labor. The company provided the following adjusted account balances for the year 2018. Sales COGS Accounts Receivable Accounts Payable Wages and Salaries Payable Mortgage Payable, due Dec 21, 2020 Notes Payable, due July 1, 2019 Notes Payable, due July 1, 2021 GST Payable Estimated Warranty Liability $8,500,000.00 $3,825,000.00 $283,000.00 $96,000.00 $77,000.00 $750,000.00 $225,000.00 $104,000.00 $106,000.00 Using experience, the company estimates that 6% of units sold will be returned and require replacement at an average cost of $850 per unit. On January 1, 2018, the balance in Estimated Warranty Liability account was nil (zero). During 2018, 1,700 televisions were sold. The actual number of units returned and repaired was 102 in 2018. 3. Assume that there are no other liabilities for the company except the ones mentioned in the above table. What is the total current liability that will be shown in the balance sheet prepared at Dec 31, 2018