Current Attempt in Progress Whispering offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.10. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.85. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.) MP3 codes purchased 2020 2021 320,000 422,400 2,664,700 2,554,300 Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 1.536,000 1,920,000 371,200 448,000 (a) - Your answer is partially correct. Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Whispering. (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. Round answers to 0 decimal places, eg 1,525.) Account Titles and Explanation Inventory of Premiums Cash (To record the premium inventory.) Cash Sales Revenue (To record the sales.) Cash Debit 2020 562500 868620 480000 Credit 562500 868620 (To record the sales.) Cash Premium Expense Inventory of Premiums (To record the expense associated with the sale.) Premium Expense Premium Liability (To record the premium liability.) Inventory of Premiums Cash (To record the premium inventory.) Cash Sales Revenue 2021 480000 60000 14500 742500 823080 540000 14500 742500 823080 Question 4 of 8 < > Sales Revenue (To record the sales.) Cash Premium Liability Premium Expense Inventory of Premiums (To record the expense associated with the sale.). Premium Expense Premium Liability (To record the premium liability.) eTextbook and Media List of Accounts Save for Later 600000 14500 60500 17500 3.75/5 E! 823080 675000 17500 Attempts: 1 of 5 used Submit Answer