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 2013, deposits collected on containers shipped were $910,000.

Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2013, represented deposits of $577,000. In 2013, $807,000 was refunded and deposits forfeited were $43,500.

Required:

1.	Prepare the appropriate journal entries for the deposits received and returned during 2013. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)
	1. Record the deposits collected. 2. Record the containers returned. 3. Record the deposits forfeited - record revenue. 4. Record the deposits forfeited - adjust inventory. Determine the liability for refundable deposits to be reported on the December 31, 2013, balance sheet.