Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers, Customers pay a deposit for each container received. The deposit is equal to the container's cost. They recelve a refund when the container is returned. During 2024, deposits collected on containers shipped were $883,000. Deposits are forfeited if containers are not retumed within 18 months. Containers held by customers at January 1,2024 , represented deposits of $550,000. In 2024, $820,000 was refunded and deposits forfeited were $56,500. Required: 1. Prepare the appropriate journal entries for the deposits recelved, returned, and forfeited during 2024. 2. Determine the liablity for refundable deposits to be reported on the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the appropriate joumal entries for the deposits received, returned, and forfeited during 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account fleld. Journal entry worksheet when the contain is returned. During 2024 , deposits collected on containers shipped were $883,000. Deposits are forfelted if containers are not returned within 18 months. Containers held by customers at January 1,2024 , represented deposits of $550,000. In 2024,$820,000 was refunded and deposits forfeited were $56,500. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfelted during 2024. 2. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet