Ranch Road Products manufactures and sells vacuum cleaners. Each vacuum cleaner has a one- year warranty. During 2013, Ranch Road Products sold 125,000 vacuum cleaners. Ranch Road Products estimates that 1.5% of the units sold will require warranty service and that each warranty claim will cost Ranch Road Products $20. At the end of 2012, Ranch Road Products had a $16,500 credit balance in its warranty liability account. During 2013, Ranch Road Products paid out 1.750 warranty claims at a cost of $20 each Determine the balance in the warranty liability account as of 12/31/13