False Value Hardware began 2021 with a credit balance of $32.700 in the refund liability account Sales and cash collections from customers during the year were $560,000 and $520,000, respectively. False Value estimates that 6% of all sales will be returned. During 2021. customers returned merchandise for credit of $20,000 to their accounts What is the balance in the refund liability account at the end of 2021? 346.300 553.600 $33.600 $12.700