Blossom Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $2.40; in addition it costs $1.60 to mail each mug. The results of the premium plan for the years 2020 and 2021 are as follows (assume all purchases and sales are for cash): 2020 2021 Coffee mugs purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 700,000 5,400,000 2,600,000 1,900,000 780,000 6,600,000 4,150,000 2,650,000 Prepare the general journal entries that should be made in 2020 and 2021 related to the above plan by Blossom Candy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 Inventory of Premiums Cash (To record purchase of coffee mugs) 2020 Cash Sales Revenue (To record sale of candy bars) 2020 Cash Premium Expense Inventory of Premiums (To record coffee mugs offered for wrappers redeemed) 2020 Premium Expense Premium Liability (To record liability against expected redemption of wrappers) 2021 Inventory of Premiums Cash (To record purchase of coffee mugs) 2021 Cash Sales Revenue (To record sale of candy bars) 2021 Cash Premium Liability Premium Expense Inventory of Premiums (To record coffee mugs offered for wrappers redeemed) 2021 Premium Expense Premium Liability (To record liability against expected redemption of wrappers) Part 2 Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Blossom Candy Company balance sheet and income statement at the end of 2020 and 2021. Balance Sheet punt Name Class 2020 2021 Current Asset ta $ Current Liability $ $ Income Statement punt Name Class 2020 2021 Operating Expense $