Novak Company offers a set of building blocks to customers who send in 3 UPC codes from Novak cereal, along with 60. The block sets cost Novak $1.30 each to purchase and 70 each to mail to customers. During 2020, Novak sold 1,536,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 153,600 UPC codes were redeemed. Prepare Novak's December 31, 2020, adjusting entry. (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.) Account Titles and Explanation Debit Credit Premium Expense Premium Liability eTextbook and Media List of Accounts Save forLater Sheffield Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Sheffield Company purchased 9,100 premiums at 75 cents each and sold 101,000 boxes of soap powder at $3.60 per box; 40,800 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the premium inventory) (To record the sales) (To record the expense associated with the sale) (To record the premium liability)