False Value Hardware began 2021 with a credit balance of $32,800 in the refund liability account. Sales and cash collections from customers during the year were $580,000 and $540,000, respectively. False Value estimates that 5% of all sales will be returned. During 2021, customers returned merchandise for credit of $26,000 to their accounts. What is the balance in the refund liability account at the end of 2021? Multiple Choice $35,800. O $6.800. $29,000. $55,000