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 year end. Noto: If no entry is requlred for a transaction/event, select "No journal entry required" in the first account field. Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to thelr accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $400.000. During 2024. Holifax sold merchandise on account for $12,500,000. Holifax's merchandise costs are 70% of merchandise selling price. Also during the year, customers returned $613,000 in sales for credit with $338,000 of those being returns of merchandise sold prior to 2024 , and the rest being merchondise sold during 2024 . Sales returns. estimated to be 5% of sales. are recorded as an adjusting entry at the end of the year. Required: What is the amount of the year-end refund liability after the adjusting entry is recorded