4 of 5 < > 0.71/1 To stimulate the sales of its Alladin breakfast cereal, Carla Company places 1 coupon in each box. 6 coupons are redeemable for a premium consisting of a children's hand puppet. In 2021, the company purchases 44,000 puppets at $1.60 each and sells 609,000 boxes of Alladin at $3.85 a box. From its experience with other similar premium offers, the company estimates that 40% of the coupons issued will be mailed back for redemption. During 2021, 147,600 coupons are presented for redemption. Prepare the journal entries that should be recorded in 2021 relative to the premium plan. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 1,525.) Account Titles and Explanation Inventory of Premiums Debit 70400 Credit Cash (To record the premium inventory.) Cash Sales Revenue (To record the sales.) Premium Expense Premium Liability (To record the expense associated with the sale.) Premium Liability Inventory of Premiums (To record the premium liability.) eTextbook and Media List of Accounts Save for Later 2344650 389760 103936 70400 2344650 389760 103936 Attempts: 2 of 5 used Submit