False Value Hardware began $2024$ with a credit balance of $$31,400$ in the refund liability account. Sales and cash collections from customers during the year were $$710,000$ and $$670,000,$ respectively. False Value estimates that $6\%$ of all sales will be returned. During $2024,$ customers returned merchandise for credit of $$26,000$ to their accounts.

What is the balance in the refund liability account at the end of $2024?$

Multiple Choice

$$42,600$

$$68,600$

$$48,000$

$$5,400$