Joan's Golf Shop Ltd. ordered golf equipment from suppliers for $500,000, on credit. It paid $450,000 to suppliers during the year. Customers who order very expensive golf clubs are required to pay a deposit of 50% of the selling. During the year, deposits totaling $75,000 were received for custom orders. None of these orders have been delivered yet. How should these liabilities be reported on the Joan's Golf Shop's statement of financial position on December 31, 2020?