On December 31,2019,Accrued Warranty Payable is reported on the balance sheet for White and Decker Company.The liability pertains to products sold,in 2019,with five-year warranties.The Accrued Warranty Payable should be reported on the balance sheet at December 31,2019 as a:

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The Accrued Warranty Payable should be reported as both a current liability and a long-term liability because it pertains to warranties that extend beyond one year. The portion of the warranty liability expected to be paid within the next year is classified as a current liability, and the portion expected to be paid after one year is classified as a long-term liability.

On December 31,2019,Accrued Warranty Payable Is Reported on the Balance