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Problem 9-4A Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below.] On October 29 , Lobo Co, began operations by purchasing razors for resale. The razors have a 90 -day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $60. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. Nov. 11 sold 80 razors for $4,800 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. I Replaced 16 razors that were returned under the varranty. 16 sold 240 razors for $14,400 cash. 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December saleu with an adjuating ontry. Jan. 5 sold 160 razora for $9,600 cash. 17 Replaced 37 razors that were returned under the warranty. 31 Recognized warranty expense related to January alea with an adjunting entry. Problem 9-4A Part 4 4. What is the balance of the Estimated Warranty Liablity account as of December 31