Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that 0.5% of units sold will be returned and require replacement at an average cost of $103 per unit. On January 1, 2020, the balance in Shefford's Estimated Warranty Liability account was $16,700. During 2020, sales totalled $3,710,000 or 17,200 units. The actual number of units returned and replaced was 87 c. Calculate the balance in the Estimated Warranty Liability account at December 31, 2020. Balance in the Estimated Warranty Liability account d. What is the warranty expense that will appear on the income statement for the year ended December 31, 2020? Warranty expense