Idaho Company sells 20,000 units of inventory during the first year of operations for $200 each. Idaho Company provides a one-year warranty on parts. It is estimated that 2% of the units will be defective and that repair costs are estimated to be $30 per unit. In the year of sale, warranty contracts are honored on 50 units for a total cost of $1,500. What amount will be reported as Estimated Warranty Liability at the end of the year