False Value Hardware began 2021 with a credit balance of $31,800 in the refund liability account Sales and cash collections from customers during the year were $720,000 and $680,000, respectively. False Value estimates that 7% of all sales will be returned. During 2021, customers returned merchandise for credit of $25,000 to their accounts What is the balance in the refund liability account at the end of 2021? Multiple Choice 550,400. $6,800. S75,400