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False Value Hardware began 2021 with a credit balance of 31600 in the refund liability...

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False Value Hardware began 2021 with a credit balance of 31600 in the refund liability account Sales and cash collections from customers during the year were $640,000 and 5600 000, respectively False Value estimates that 6% of all sales will be returned. During 2021, customers returned merchandise for credit of $18,000 to their accounts What is the balance in the refund liability account at the end of 2021 Multiple Choice O $62,000 200 OS23400 513 500

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