On January $1,2024,$ the beginning balance in the Warranties Liability account was $$65,000.$Cash sales for the year totaled $$450,000$ and credit sales totaled $$850,000.$ The company estimates warranty costs at $7\%$ of sales. During the year, $$70,000$ was paid to settle warranty claims. As a result of these transactions, what is the amount of warranty liability that is reported on the company's $2024$ year end balance sheet?