False Value Hardware began 2016 with a credit balance of $31,600 in the allowance for sales returns account. Sales and cash collections from customers during the year were $590,000 and $550,000, respectively. False Value estimates that 4% of all sales will be returned. During 2016, customers returned merchandise for credit of $24,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2016? Multiple Choice O $31,200. $23,600. O O o O O $47,600. O $7,600. O