False Value Hardware began 2021 with a credit balance of $31,700 in the refund liability account Sales and cash collections from customers during the year were $590,000 and $550,000, respectively. False Value estimates that 4% of all sales will be returned. During 2021, customers returned merchandise for credit of $18,000 to their accounts. False Value Hardware's 2021 income statement would report net sales of Multiple Choice $558,300 *Untitled - Notepad File Edit Format View Help please answer both parts, should not take long. please only provide correct answer, no work needed