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 2021, deposits collected on containers shipped were $882,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $624,000. In 2021, $828,000 was refunded and deposits forfeited were $49,500. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021.

2. Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.

Required 1 Required 2 Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021. (If no entry is required transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet x No Transaction General Journal Debit Credit 1 1 Cash 882,000 Liability-refundable deposits 882,000 2 2 828,000 Liability-refundable deposits Cash 828,000 3 3 49,500 Liability-refundable deposits Revenue-sale of containers 49,500 4 4 49,500 Cost of goods sold Inventory of containers 49,500 Required 1 Required 2 Required 1 Required 2 Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet. Balance on December 31