from merchandise inventory to the customer. the company's cost per new razor is $14 and its retail selling price is $60. the company expects warranty costs to equal 7% of dollar sales. the following transactions occurred. november 11 sold 60 razors for $3,600 cash. november 30 recognized warranty expense related to november sales with an adjusting entry. december 9 replaced 12 razors that were returned under the warranty. december 16 sold 180 razors for $10,800 cash. december 29 replaced 24 razors that were returned under the warranty. december 31 recognized warranty expense related to december sales with an adjusting entry. january 5 sold 120 razors for $7,200 cash. january 17 replaced 29 razors that were returned under the warranty. january 31 recognized warranty expense related to january sales with an adjusting entry. problem 9-4a (algo) part 4 4. what is the balance of the estimated warranty liability account as of december 31?