Required information A company sells a product with a quality-assurance warranty. The company estimates warranty costs to be 3% of sales. For 2021, sales were $160,000. Actual warranty costs paid during 2021 totaled $4,480. The warranty liability had a balance of $15,920 at the end of 2021. Use the information above to answer the questions below. What was the balance of the warranty liability account at the beginning of 2021? (Click to select) $20,400 $320- $11,120 $16,240 $15,600