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Problem 1-23 (AICPA Adapted) Farr Company sells products with reusable and expensive containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Containers held by customers on January 1, 2020 from deliveries in: 2018 75,000 2019 215,000 290,000 Containers delivered in 2020 Containers returned in 2020 from deliveries in: 2018 45.000 2019 125.000 2020 143,000 313,000 390,000 What is the liability for deposits on December 31, 2020? a. 247,000 b. 292,000 c. 337,000 d. 367,000 Problem 1-24 (AICPA Adapted) Black Company required nonrefundable advance payments with special orders for machinery constructed to customer specifications. The entity provided the following information for the current year: Customer advances - beginning of year 1,180,000 Advances received with orders de 1,840,000 Advances applied to orders shipped ped- 1,640,000 Advances applicable to orders canceled 500,000 What amount should be reported as current liability for advances from customers at year-end? a. 1,480,000 b. 1,380,000 880,000