On January 1, 2020, the beginning balance in the Warranty Liability account was $45,000. Cash sales for 2020 totaled $1,200,000 and credit sales totaled $425,000. The company estimates warranty costs at 4% of sales. During the year, $60,000 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 2020/year end balance sheet