1.-Premiums Irwin Music Shop gives its customers coupons redeemable for a poster plus a Bo One coupon is issued for each dollar of sales. On the surrender of 100 coupons and cash, the poster and CD are given to the customer. It is estimated that 80%of the coupo be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 420,000. Sales for the second period were $840,000, and the coupons redeemed totaled 750,000. Irwin Music Shop bought 20,000 posters at $2.50/poster and 20 CDs at $7.50/CD Diddley CD ,000 Instructions Prepare the following entries for the two periods, assuming all the coupons expected to be redeemed from the first period were redeemed by the end of the second period. a. Record purchase of posters and CDs b. Calculate and record first period estimated liability c. Calculate and record first period coupons redeemed d. Calculate and record second period estimated liability e. Calculate and record second period coupons redeemed