AAA kicks off a sales promotion on august 31, 2019. AAA included a redeemable coupon on each can of soup sold. five coupons must be presented to receive a premium that costs AAA $2 each. AAA estimates that 70% of the coupons will be redeemed. information available at december 31, 2019 is:

cans of soup sold: 1,500,000

premiums purchased: 200,000

coupons redeemed during 2019: 600,000

calculate AAA's estimated liability for premium claims, and make an adjusting journal entry on december 31, 2019.