10 minutes Problem III - Premium Jibrell McCain (JK) Company sold 600,000 boxes of pie mix for $3.50 und Company sold 600,000 boxes of pie mix for $3.50 under a new sales promotional program, 15 points one coupon, which submitted with $5.00, entitles the customer to a baking pan. JK pavs $6,00 Each box contains one coupon, which submitted and 50 for handling and shipping. JK purchased 250,000 baking pans. JK estimates that 60% of the coupons will be redeemed even though only 200,000 coupons had been processed during 2019 INSTRUCTIONS 1. Prepare the journal entries that should be recorded in 2019 relative to the premium plan 2. What should be reported in the financial statements for the year 2019? Be sure to identify the dollar amounts as well as the account titles and sections. 25,000 +125,000