False Value Hardware began 2021 with a credit balance of $32,800 in the refund liability account. Sales and cash collect

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False Value Hardware began 2021 with a credit balance of $32,800
in the refund liability account. Sales and cash collections from
customers during the year were $680,000 and $640,000, respectively.
False Value estimates that 7% of all sales will be returned. During
2021, customers returned merchandise for credit of $23,000 to their
accounts.
What is the balance in the refund liability account at the end
of 2021? Multiple Choice $70,600. $9,800. $57,400. $47,600.