Culver Corporation sold Sugar Frosted Cocoa Bombs, a children's breakfast cereal. As a promotion, Culver offered its customers a free music CD in exchange for 4 boxtops, plus $3.10 to cover postage and handling. The CD cost Culver $3.35, and postage costs to mail the CDs out to customers were $2.50. Culver estimated that 75% of its customers would redeem boxtops. Culver purchased 10,800 CDs at the start of the promotion in November, 2020. 168,000 boxes of cereal were sold during November and December, 2020, and Culver's year-end was December 31. Prior to the end of the fiscal year, 8,200 customers took advantage of the offer, which continued until February, 2021. Culver follows ASPE and uses the expense approach to account for its premiums. Your answer is correct. Prepare the journal entry to record the purchase of the promotional CDs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Inventory of Premiums Cash Debit 36180 Credit 36180 Prepare the journal entry to record the redemption by 8,200 customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Cash Premium Expense Inventory of Premiums Debit 4960 400 Credit 5360 Prepare the journal entry to record the year-end accrual entry for estimated premium expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Premium Expense Estimated Liability for Premiums Debit 47570 Credit 47570