How should a liability that has a probable chance of occurring and can be reasonably estimated be disclosed? 
Definitions:
Warranty Replacement
The process of replacing or repairing a product under the terms of a warranty agreement due to defects or failures.
Merchandise
Goods that are purchased for the purpose of being sold to customers in the retail environment.
Warranty Expense
A cost incurred by a company to repair or replace products during a specified period under warranty coverage.
Warranty Service
A promise from the seller or manufacturer to repair or replace defective products within a specified time period at no additional cost to the buyer.
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