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Question 4 In 2017, Concord, Inc. began operations and sold 1130 units of a product that has a one-year warranty on parts. The average cost of honoring one warranty contract is $50. Concord estimates that 150 units of the current year's sales will require repairs. During 2017, 50 contracts were honored at a total cost of $2500. What is the balance in the Warranty Liability account at the end of 2017? credit of $5000. credit of $7500. debit of $2500. debit of $7500