Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 dasys after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is coliected at the time of sale). The compairy began 2024 with a refund tiabliry of $390,000. During 2024 , Malifax sold merchandise on account for $12,400,000. Haifax's merchandise costs are 65$ of merchandise seling price. Also during the year, customers returned $368,000 in sales for credi, with $203,000 of those being returns of merchandise sold prior to 2024 , and the rest being merchandise soid during 2024. Sales returns, estimated to be 3\% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepore entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024 ; (b) record actual returns in 2024 of merchandise that was soid during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the yearend refund liability after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. Prepare entries to (a) record 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 yaar end. Note: If no entry is required for a transaction/event, select "We journal entry required" in the first becount field