2. Charlene Company included one coupon in each box of laundry soap sold. A towel was offered as a premium to customers who send in 10 coupons and a remittance of P10. Distribution cost of premium is P5. Experience indicated that only 30% of the coupons will be redeemed. 2020 2021 Boxes of soap sold 2,000,000 2,500,000 Number of towels purchased 50,000 80,000 at P50 each Coupons redeemed 400,000 700,000 a. What is the premium expense for 2020? b. What is the premium liability on December 31, 2020? c. What is the premium expense for 2021? d. What is the premium liability on December 31, 2021