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 receive a refund when the container is returned. During 2024 , deposits collected on containers shipped were $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2024 , represented deposits of $590,000. In 2024 , $822,000 was refunded and deposits forfeited were $42,500. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited 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. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Record the deposits collected. Note: Enter debits before credits. Journal entry worksheet Record the containers returned. Note: Enter debits before credits. Journal entry worksheet Record the deposits forfeited - record revenue. Note: Enter debits before credits. Journal entry worksheet Record the deposits forfeited - adjust inventory. Note: Enter debits before credits. 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 receive a refund when the container is returned. During 2024 , deposits collected on containers shipped were $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,20 represented deposits of $590,000. In 2024 , $822,000 was refunded and deposits forfeited were $42,500. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited 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