Flint Limited, a private company following ASPE, includes one coupon in each box of soap powder that it produces, and 8 coupons are redeemable for a premium (a kitchen utensil). In 2020, Flint Corporation purchased 8,170 premiums at $0.90 each and sold 88,000 boxes of soap powder at $2.50 per box. In total, 33,600 coupons were presented for redemption in 2020. It is estimated that 64% of the coupons will eventually be presented for redemption. Flint uses the expense approach to account for premiums. Prepare all the entries that would be made for sales of soap powder and for the premium plan in 2020. Ignore any cost of goods sold entry. (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 for the amounts.) Account Titles and Explanation Debit Credit (To record cash purchase of premiums) (To record cash sales) (To record redemption of coupons) (To record premium expense) What amounts relative to soap powder sales and premiums would be shown on Flint's financial statements for 2020? Flint Corporation Balance Sheet (Partial) Dec. 31, 2020 $ $ Flint Corporation Income Statement (Partial) For the year ended Dec. 31, 2020 $ What method did Flint follow? Flint followed the approach under ASPE. Would the same method apply if Flint had followed IFRS? Under IFRS, the approach would have been used