False Value Hardware began 2021 with a credit balance of $33,000 in the refund liability account Sales and cash collections from customers during the year were $640,000 and $600,000, respectively. False Value estimates that 7% of all sales will be returned. During 2021, customers returned merchandise for credit of $23,000 to their accounts. What is the balance in the refund liability account at the end of 2021? Multiple Choice 554800. $10,000