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 containers cost. They receive a refund when the container is returned. During 2016, deposits collected on containers shipped were $883,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2016, represented deposits of $550,000. In 2016, $820,000 was refunded and deposits forfeited were $56,500. Required: 1. Prepare the appropriate journal entries for the deposits received and returned during 2016. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)