Halifax Manufacturing allows its customers to return merchandise for any reason up to $90$ days after delivery and recieve a credit to their accounts. All if Halifax's sales are for credit $($no cash is collected at the time of sale$).$ The company began $2024$ with a refund liability of $/$$$300,000/.$ During $2024,$ Halifax sold merchandise on account for $/$$$11,500,000/.$ Halifax's merchandise costs are $/65\%/$ of the merchandise selling price. Also during the year, customers returned $/$$$450,000/$ in sales for credit, with $/$$$250,000/$ of those sbeing returns of merchandise sold prior to $2024,$ and the rest being merchandise sold during $2024.$ Sales returns, estimated to be $/4\%/$ of sales, are recorded as an adjusting entry at the end of the year. Required: $1.$ Prepare entries to $($a$)$ recorded actual returns in $2024$ of merchandise that was sold prior to $2024$; $($b$)$ record actual returns in $2024$ of merchandise that was sold during $2024$; and $($c$)$ adjust the refund liability to its appropriate balance at year end. $2.$ What is the amount of the year$-$end refund liability after the adjusting entry is recorded?