false value hardware began 2024 with a credit balance of $32,000...

False Value Hardware began 2024 with a credt balance of $32,200 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 8% of all sales will be returned During 2024 , customers returned merchandise for credit of $26. 000 to theit accounts False Value Hardware's 2024 income statement would report net sales of: Minple Choice $552.000 -5503apo. $567,000 $574000