On October 29 , Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and malls a new one from Merchandise liventory to the customer. The company's cost per new razor is $20 and its retall selling price is $75. The company expects warranty costs to equal 8% of dollar sales, The following transactions occurred. November 11 Sold les razors for 57,875 cash November 30 Hecognized warranty expense related to Noverber sales with an adjusting entry. December 9 Replaced 15 razors that were returned under the warranty. Decenber 15 sold 220 razons for $16,58e cash. December 29 Replaced 39 razors that vere returned unden the warranty. December 31 Recognized warranty expense related to becenber sales with an adjusting entry! January 5 sold ise razors for $11,256 cash. January 17 Replaced 56 razoes that were returned under the warranty. January 31 Recognized warranzy expense nolated to January sales wikh an adjusting entry. 4. What is the balance of the Estimated Warranty Llability account as of December 31? 5. What is the balance of the Estimated Warranty Llability account as of January 31