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 2016, deposits collected on containers shipped were $934,000 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2016, represented deposits of $565,000. In 2016, $825,000 was refunded and deposits forfeited were $47,500 Required 1. Prepare the appropriate journal entries for the deposits received and returned during 2016. (If no entry is required for a particular event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 Record the deposits collected Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal 2. Determine the liability for refundable deposits to be reported on the December 31, 2016, balance sheet. Balance on December 31