Required information [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 $20 and its retall selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Novenber 11 Sold 105 razors for $7,875 cash. Novenber 30 Recognized warranty expense related to November sales with an adjusting entry. Decenber 9 Replaced 15 razors that were returned under the warranty. Decenber 16 Sold 220 razors for $16,500 cash. Decenber 29 Replaced 30 razors that were returned under the warranty. January 5 Sold 150 razors for $11,250 cash. January 31 Recognized warranty expense related to January sales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31