Blue & White Hardware began 2020 with a credit balance of $0 in the refund liability account. The company allows its customers to return merchandise for any reason up to 60 days after delivery and receive a credit to their accounts. All Blue & White Hardware's sales are for credit (no cash is collected at the time of sale). Sales and cash collections from customers during 2020 were $292,500 and $274,500, respectively. Blue & White Hardware estimates that 6% of all 2020 sales will be returned. During 2020, customers returned merchandise for credit of $12,600 to their accounts. What is the balance in the refund liability account at the end of 2020? 19,350 9.450 0 4.950 O 17.550