help with that last portion, please. thank you
Kleso, Intermediate Accounting, 17e Help System Announcements CALCULATOR PRINTER VERSION BACK Problem 13-09 (Part Level Submission) Monty offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.50. 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 $3.25. 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 Candy bars sald Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 2021 360,000 475,200 2,825,000 2,546,500 1,728,000 2,160,000 417,500 504,000 Your answer is correct. Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Monty. (If no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020 Inventory of Premiums 1,170,000 1.170,000 (To record the premium inventory) 547,500 547,500 Sales Revenue (To record the sales.) 1,036.800 Premium Expense 36,400 1,123,200 MacBook Air Kleso, Intermediate Accounting, 17e Help System Announcements (To record the sales.) Cash 1,036,800 Premium Expense 86,400 Inventory of Premiums (To record the expense associated with the sale.) 1,123,200 Premium Expense 20,880 Premium Liability (To record the premium lability.) 20,880 2021 Inventory of Premiums 1,544,400 Cash (To record the premium inventory.) 1,544,400 Cash 763,950 Sales Revenue To record the sales) 763,950 1,296,000 20,880 87,120 1.404,000 MacBook Air 80 f3 000 000 F7 LINK TO TECT LINK TO TEXT Attempts: 4 of 5 used (b) Your answer is partially correct. Try again. Indicate the amounts for each accounts, and dassifications 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. Amount Account 2020 2021 Classification Inventory of Premiums Property. Plant and Equipment Premium Liability 20,880 25,200 Current ability Premium Expense Selling Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 1 of 5 used VELA MacBook Air C 2 BO 888 - & 7 * O 9 $ 4 % 5 o 6 2 3 o P U Y T R Kleso, Intermediate Accounting, 17e Help System Announcements CALCULATOR PRINTER VERSION BACK Problem 13-09 (Part Level Submission) Monty offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.50. 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 $3.25. 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 Candy bars sald Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 2021 360,000 475,200 2,825,000 2,546,500 1,728,000 2,160,000 417,500 504,000 Your answer is correct. Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Monty. (If no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020 Inventory of Premiums 1,170,000 1.170,000 (To record the premium inventory) 547,500 547,500 Sales Revenue (To record the sales.) 1,036.800 Premium Expense 36,400 1,123,200 MacBook Air Kleso, Intermediate Accounting, 17e Help System Announcements (To record the sales.) Cash 1,036,800 Premium Expense 86,400 Inventory of Premiums (To record the expense associated with the sale.) 1,123,200 Premium Expense 20,880 Premium Liability (To record the premium lability.) 20,880 2021 Inventory of Premiums 1,544,400 Cash (To record the premium inventory.) 1,544,400 Cash 763,950 Sales Revenue To record the sales) 763,950 1,296,000 20,880 87,120 1.404,000 MacBook Air 80 f3 000 000 F7 LINK TO TECT LINK TO TEXT Attempts: 4 of 5 used (b) Your answer is partially correct. Try again. Indicate the amounts for each accounts, and dassifications 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. Amount Account 2020 2021 Classification Inventory of Premiums Property. Plant and Equipment Premium Liability 20,880 25,200 Current ability Premium Expense Selling Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 1 of 5 used VELA MacBook Air C 2 BO 888 - & 7 * O 9 $ 4 % 5 o 6 2 3 o P U Y T R
