Computer wholesalers restores and resells notebook computers. it originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. based on previous experience, computer wholesalers expects warranty costs to be approximately 6% of sales. sales for the month of december are $540,000. actual warranty expenditures in january of the following year were $20,000. required: 1. does this situation represent a contingent liability?