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$$s cost$.$ They receive a refund when the container is returned. During $2024,$ deposits collected on containers shipped were $$\mathrm{}950,000.$ 

 

 

 Deposits are forfeited if containers are not returned within $18$ months. Containers held by customers at January $1,2024,$ represented deposits of $$5\mathrm{}80,000.$ In $2024,$ $$\mathrm{}890,000$ was refunded and deposits forfeited were $$\mathrm{}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.