Problem 8-78A (Algorithmic) Unearned Revenue and Customer Deposits On November 20, 2013, Crimson Cove Technologies agreed to manufacture and supply 500 electronic control units used by Edison Heating & Cooling in large commercial and industrial installments. Edison deposited $480 per unit upon signing the 3-year purchase agreement, which set the selling price of each control unit at $1,410. Crimson Cove will record these units at $300 per unit in inventory. No units were delivered during 2013. In 2014, 100 units were delivered, 150 units were delivered during 2015, and the remaining units were delivered during 2016. Assume Crimson Cove uses a perpetual inventory system. Required: Hide 1. Conceptual Connection: Prepare the entry by Crimson Cove to record receipt of the deposit during 2013. Nov. 20 How would the deposit be reported in the financial statements at the end of 2013? The portion of customer deposits pertaining to next year's deliveries should be classified as a Select on the balance sheet at the end of 2013; the remainder should be classified as a select