1. On January 1, 2024, Kent Co. introduced a premium program to stimulate sales. Kent includes one coupon in each bag of dog food it sells. In return for eight coupons plus $0.50, customers receive a leash. The leashes cost Kent $2.00 each. Kent estimates that 40 percent of the coupons will be redeemed. Kent's year-end is December 31. Data for 2024 and 2025 are as follows: a. What journal entry is needed to record premium expense for 2024 for the leashes? Dr. Premium Expense Cr. Accrued Premium Liability b. What journal entry is needed to record the coupons redeemed in 2024? Dr. Accrued Premium Liability Cr. Leash Inventory c. What is the ending balance in the accrued premium liability account at the end of 2025