3. Iowa Company sells its products with reusable 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. Information for 2020 is as follows: Containers held by customers in 2020 from deliveries in 2018 P 2019 2020 75,000 215,000 390,000 Containers returned in 2020 from deliveries in 2018 P 2019 2020 45,000 125,000 143,000 Prepare all required entries in 2020 in connection with the containers assuming that the amount charged as deposit is equivalent to 120% of the cost of each returnable container and compute the liability for containers on December 31, 2020