false value hardware began 2024 with a credit balance of $32,100 in the refund liability account. sales and cash collections from customers during the year were $620,000 and $580,000, respectively. false value estimates that 5% of all sales will be returned. during 2024, customers returned merchandise for credit of $24,000 to their accounts. what is the balance in the refund liability account at the end of 2024?
