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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 $$14$ and its retail selling price is $$70.$ The company expects warranty costs to equal $7\%$ of dollar sales. The following transactions occurred

November $11$ sold $70$ razors for $$4,900$ cash.

November $30$ Recognized warranty expense related to November sales with an adjusting entry:

December $9$ Replaced $14$ razors that were returned under the warranty.

December $16$ Sold $210$ razors for $$14,700$ cash.

December $29$ Replaced $28$ razors that Were returned under the warranty.

December $31$ Recognized warranty expense related to December sales with an adjusting entry:

January $5$ Sold $140$ razors for $$9,800$cash.

January $17$ Replaced $33$ razors that were returned under the warranty.

January $31$ Recognized warranty expense related to January sales with an adjusting entry.

$4.$ What is the balance of the Estimated Warranty Liability account as of December $31?$

$5.$ What is the balance of the estimated warranty liability account as of January $31?$

Estimated warranty liability balanc