Required information [The following information applles to the questions displayed below] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90 -doy warranty. When a razor is returned, the company discards it and malls a new one from Merchandise inventory to the customer. The company's cost per new razor is $16 and its retail seling price is $70. The compary expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Novenber 11 sold 50 razort for $3,500 canh: Novenber 30 necognized warranty expense related to Novanber ales with as adjestisg entry. Deceaber? Aeplaced 10 rators that wern returned under the warranty. Decenber is told 150 razors for $10,560 eas. Deceniber 29 Replaced 20 rarors that vere returned ender the varrenty. Jabuary 5 sold 100 razori for $7,000 eash. January 5 sold 100 ramori for $7,000 eash. 5. What is the balance of the Estimated Warranty Liability account as of January 31