During 20X1; Long Gone Company sold 80 4-wheelers for $5,000 each. The "vehicles" carry a 3-year warranty for defects. Estimates indicate that repair costs will average 4% of the total selling price. The estimated warranty liability at the beginning of the year was $20,000. $14,000 in claims were actually incurred during the year. What was the balance in the warranty liability account at the end of the year? (hint: you might want to use a t-account like the one given below) Warranty Liability