rued Product Warranty heral Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: (in millions) Year 2 Year 1 rrent estimated product warranty payable $2,788 $2,994 ncurrent estimated product warranty payable 4,802 5,338 al $7,590 $8,332 sume that GM's sales were $147,049 million in Year 2 and that the total paid on warranty claims during Year 2 was $3,000 million. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash on the business relative to the quick current assets and other longer-term Provide the journal entry for the Year 2 product warranty expense. If an amount box does not require an entry, leave it blank.

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curv…