Grouper offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $3.20. 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 $2.95. 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.) 2020 2021 MP3 codes purchased 330,000 435,600 Candy bars sold 2,996,000 2,887,200 Wrappers redeemed 1,584,000 1,980,000 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 382,800 462,000 (a) Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Grouper. (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 O decimal places, e.g. 1,525.) Account Titles and Explanation (To record the premium inventory.) Debit 2020 Credit (a) Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Grouper. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Round answers to O decimal places, e.g. 1,525.) Account Titles and Explanation (To record the premium Inventory.) (To record the sales.) (To record the expense associated with the sale.) (To record the premium lability.) (To record the premium Inventory.) (To record the sales.) (To record the expense associated with the sale.) (To record the premium liability.) eTextbook and Media List of Accounts Save for Later Debit 2020 2021 Credit Attempts: 0 of 5 used Submit Answer (b) Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2020 and 2021. Account 2020 Inventory of Premiums Premium Liability Premium Expense eTextbook and Media List of Accounts Save for Later Amount 2021 Classification Attempts: 0 of 5 used Submit