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What is the liability for deposits on december

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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 390,000

Containers returned in 2020 from deliveries in:

2018 45,000

2019 125,000

2020 143,000 313,000

Question 1: What is the liability for deposits on December 31, 2020?

a. 247,000

b. 292,000

c. 337,000

d. 367,000

Reference no: EM132786931

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