Leo Company provides a 12-month warranty on all its products. During 2020, they had total sales of $700,000, estimated warranty costs to be 3% of sales, and incurred $ 20,790 in costs servicing the warranties. On January 1, 2020, the Estimated Warranty Liability account had a credit balance of $ 400. Required: Calculate the accrued liability for product warranties at the end of the year.