Exercise 13-7 (Static) Customer deposits; financial statement effects [LO13-3] Siversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container recelved. The deposit is equal to the container's cost. They recelve a refund when the container is returned. During 2024, deposits collected on containers shipped were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2024 , represented deposits of $530,000. In 2024,$790,000 was refunded and deposits forfeited were $35,000. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. 2. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet 4 Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account Journal entry worksheet 4 Record the deposits forfeited - record revenue. Note: Enter debits before credits. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 20 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet 1 Note: Enter debits before credits. Exercise 13-7 (Static) Customer deposits; financial statement effects [LO13-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored containers. Customers pay a deposit for each container received. The deposit is equal to the container's refund when the container is returned. During 2024, deposits collected on containers shipped were $85 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at Ja represented deposits of $530,000. In 2024,$790,000 was refunded and deposits forfeited were $35,000 Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024 2. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance she Complete this question by entering your answers in the tabs below. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet