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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

 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 2024, deposits collected on containers shipped were $950,000. 
 
 
 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2024, represented deposits of $580,000. In 2024, $890,000 was refunded and deposits forfeited were $75,000. 
 
Required:
Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024.
Determine the liability for refundable deposits to be reported on the December 31,2024, balance sheet.

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