False Value Hardware began 2021 with a credit balance of $31100 in the refund ability account Sales and cash collections from customers during the year were $680,000 and $640,000, respectively. False Value estimates that of all sales wir be returned During 2021, customers returned merchandise for credit of $24,000 to their accounts. What is the balance in the refund liability account at the end of 2021 Multiple Choice $71.600. $54,700. $7,100. $47,600