A company has a selling price of $1,400 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $142 each. During November, the company sold 22,000 printers, and 320 printers were serviced under the warranty at a total cost of $45,000. The balance in the Estimated Warranty Liability account at November 1 was $25,000. What is the company's warranty expense for the month of November?

$45,000

$62,480

$45,440

$31,240

$20,000