Timex Inc. provides a warranty of two years on the products it sells. Sales for 2023 were $5,000,000. The company estimates that the cost of servicing products under warranty will average 1 percent of sales. The Provision for Warranty Liability account had a balance of $40,000 at January 1, 2023, and expenditures to satisfy warranty claims totalled $43,000 during 2023. For the independent situation, identify the account title(s) and compute the amount(s) of the liabilityies) that should be reported on each company's statement of financial position as at December 31, 2023