False Value Hardware began 2021 with a credit balance of $31.400 in the refund liability account Sales and cash collections from customers during the year were $600,000 and $560,000, respectively. False Value estimates that 4% of all sales will be returned. During 2021. customers returned merchandise for credit of $22,000 to their accounts. What is the balance in the refund liability account at the end of 2021? Multiple Choice $9.400 $46,000 $24,000 $33,400