Instructions Prepare journal entries that should be made in 2022 and 2023 to record the transactions related to the sales of candy bars, purchase inventory of premium, premium expense and premium liability of Sycamore candy.

I.II Sycamore candy offers an MP3 download as a premium for every five candy bar wrappers presented by customers together with $2.5. the candy bars are sold by the company to distributions for $0.3 each. The purchase price of each download code to the company is $2.25. in addition, it costs $0.5 to distribute each code. The results of the premium plan for the year 2022 and 2023 are as follows. (All purchases and sales are for cash.) 2022 2023 MP3 codes purchased 250,000 330,000 Candy bars sold 2,895,400 2,743,600 Wrappers redeemed 1,200,000 1,500,000 2022 wrappers expected to be redeemed in 2023 290,000 2023 wrappers expected to be redeemed in 2024 350,000