Required information Problem 9.4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below.] 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 mails a new one from Merchandise inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Novenber 11 Sold 60 razors for $4,800cash. November 30 Recognized warranty expense related to November sales with an adjusting ontry. December 9 Replaced 12 razors that were returned under the varranty. December 16 sold 180 razors for $14,400 cash. December 29 Replaced 24 razorn that were returned under the warranty. December. 31 Recognized warranty expense related to December nales with an adjusting entry. January 5 sold 120 razors for $9,600 eash. January 17 Replaced 29 razors that were returned under the varranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Problem 9-4A (Algo) Part 5 5. What is the balance of the Estimated Warranty Liability account as of January 31