In 2020, Neighbor Co-Op Inc. sells 500 beverages in glass bottles and receives a \(\$ 1.00\) deposit for each returnable bottle sold. As of December 31, 2020, a total of 400 glass bottles were returned, and deposits on 60 bottles were forfeited because it is the company's policy that a deposit must be claimed within 30 days. The remaining 40 bottles are still with customers within the 30 -day claim period.

Required

a. Record the collection of deposits in 2020 .

b. Record the return of glass bottles in 2020 .

c. Record the forfeiture of deposits in 2020 assuming that the cost of each bottle is \(\$ 0.80\).