3) Drake Company sold 800,000 boxes of cookie mix under a new sales promotional program. Each box contains one coupon, which, submitted with $ pan. Drake pays $6.00 of th 4.00, entitles the customer to a baking per pan and $0.50 for shipping and handling. Drake estimates that 70% e coupons will be redeemed, even though only 250,000 coupons had been processed during the current year. Determine the premium expense to be reported in the income statement for the current year and the estimated liability for unredeemed coupons at the end of the current year? a) Premium expense: $, b) Estimated liability for unredeemed coupons: $