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In 2010, the Markel Company sold 14,000 washing machines. Markel estimated that 12% of the machines would require repairs under the two-year warranty at an average cost of $50. During 2010, Markel had an actual outlay of $48,000 for repairs under warranty. Markel uses the expense warranty accrual method.

What amount should the company report for estimated liability under warranties at the end of 2010?

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