Question 27 4 pts On January 1, 2020, the beginning balance in the Warranties Liability account was $75,000. Cash sales for 2020 totaled $300,000 and credit sales totaled $900,000. The company estimates warranty costs at 6% of sales. During the year, $65,000 was paid to settle warranty claims. As a result of these transactions, what is the amount of warranties liability that is reported on the company's 2020 year end balance sheet? Answer: $