False Value Hardware began 2021 with a credit balance of $31,900 in the refund liability account. Sales and cash collections from customers during the year were $620,000 and $580,000, respectively. False Value estimates that 7% of all sales will be returned. During 2021, customers returned merchandise for credit of $19,000 to their accounts. 05 What is the balance in the refund liability account at the end of 2021? Multiple Choice $43,400. O $62,400 O $56,300. $12.900