In 2020, Hydrogen Corp. began selling a new line of products that carry a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to dollar sales are as follows: First year of warranty Second year of warranty 2% 5% Sales and actual warranty expenditures for 2020 and 2021 are presented below: Sales Actual warranty expenditures 2020 $ 450,000 $ 15,000 2021 $ 600,000 $ 33,000 Hydrogen uses the expense approach to account for warranties. What is the estimated warranty liability at the end of 2021? {Insert your answer in the box below. Your answer should only involve digitsumbers. Do not use a dollar sign ($) or a comma (.) in your answer (the system will give you an error message). For EPS calculations, use 2 decimal places.}