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IS Men Sintermediate Accounting, 170 Help System Announcements CALONATOR PRINTER VERSION 4 4 BACK Problem 13-09 (Part Level Submission) Monty offers an MP3 download (seven-single

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IS Men Sintermediate Accounting, 170 Help System Announcements CALONATOR PRINTER VERSION 4 4 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 cost 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 sold 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 ody (a) 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 "Me Entry for the accountities and enter for the amounts. Credit account titles are automatically indented when amount intered. Do not indent manually. Round answers to decimal places, ... 1,525.) Debit Credit Account Tities and Explanation 2020 Inventory of Premium 1,170,000 Cash 1,170,000 (To record the premium inventory) ch 67,500 347,500 Sales Revenue (to record thes) 1,036,800 Premium Expense 36,400 (to record the expense awared with these (To record the sales.) CALCULATOR PRINTER VE Cash 1,296,000 Premium Liability 20,880 Premium Expense 87,120 Inventory of Premiums (To record the expense associated with the sale.) 1,404,000 Premium Expense 25,200 Premium Liability (To record the premium liability.) 25,200 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Attempts: 4 of 5 used Your answer is partially correct. Try again. 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 2021. Amount Account 2020 2021 Classification Inventory of Premiums 1,123,200 1,404,000 Current Asset Premium Liability 20,880 25,200 Current Liability Premium Expense 25,200 87.120 Selling Expense SHON LIST OF ACCOUNTS

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