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): Coffee mugs purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 700,000 5,500,000 2,800,000 2,000,000 2021 780,000 6,950,000 4,250,000 2,730,000 Part 1 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 (To record purchase of coffee mugs) 2020 (To record sale of candy bars) 2020 (To record coffee mugs offered for wrappers redeemed) 2020 (To record liability against expected redemption of wrappers) 2021 (To record purchase of coffee mugs) 2021 (To record sale of candy bars) 2021 (To record coffee mugs offered for wrappers redeemed) 2021 (To record liability against expected redemption of wrappers) 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 Account Name Class 2020 $ $ Income Statement Account Name Class 2020 $