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P9-6 Defining and Analyzing Changes in Current Liabilities LO9-1 International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware on significant accounting policies is as follows: The company offers warrnties for its hardware products that generally'range up to three years, with the majority being either one or three years. Estimated costs for standard warranty terms are recognized when revenue is recorded for the related product. The ont spending, and applies this estimate to the revenue stroduct based on historical warranty claim experience and estimates of future applicable to revenue recognized in the current period are charged to cost of warranty. Estimated future costs for warranties verify that it properly reflects the remaining obligation based charged to cost of sales. The warranty liability is reviewed quarterly to on the anticipated expenditures over the balance of the obligation period. basis over the delivery period because the company recorded as deferred income and subsequently recognized on a straight--line pany is providing a service of standing ready to provide services over such term. Required: 1. Compute the amount of wafranty expense for 2017 and 2018. (Enter your answers in millions of dollars.) 1. Compute the amount of warranty expense for 2017 and 2018. (Enter your answers in millions of dollars.) 2. Prepare journal entries to record both the warranty expense for 2018 and the payments made under the warranty dur no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your an millions of dollars.) 3-a. Compute the ratio of the warranty expense to net revenues for the three years. The Standard warranty liability had a balance of $199 at the beginning of 2016. (Round percentage answers to 2 decimal places (i.e.. 0.1243 should be entered as 12.43).) 3-b. Has the ratio increased or decreased during the three-year period? (Enter your answers in millions of dollars.) 5-a. Compute the extended warranty revenuin luring 2017 and 2018, (Enter your answers in millions of dollars.) 5-b. Prepare the journal entry to record the revenue recognized in 2018, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of dollars.)