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False Value Hardware began 2021 with a credit balance of $31,300 in the refund liability...

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False Value Hardware began 2021 with a credit balance of $31,300 in the refund liability account. Sales and cash collections from customers during the year were $720,000 and $680,000, respectively. False Value estimates that 8% of all sales will be returned. During 2021 , customers returned merchandise for credit of $25,000 to their accounts. False Value Hardware's 2021 income statement would report net sales of: Multiple Choice $662,400. $695,000. $688,700. $713,700

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