Kane Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $1.80; in addition it costs $1.20 to mail each mug. The results of the premium plan for the years 2017 and 2018 are as follows (assume all purchases and sales are for cash): 2017 2018 Coffee mugs purchased 700,000 780,000 Candy bars sold 5,600,000 6,740,000 Wrappers redeemed 2,800,000 4,210,000 2017 wrappers expected to be redeemed in 2018 1,900,000 2018 wrappers expected to be redeemed in 2019 2,690,000 Part 1 Prepare the general journal entries that should be made in 2017 and 2018 related to the above plan by Kane Candy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2017 (To record purchase of coffee mugs) 2017 (To record sale of candy bars) 2017 (To record coffee mugs offered for wrappers redeemed) 2017 (To record liability against expected redemption of wrappers in 2018) 2018 (To record purchase of coffee mugs) 2018 (To record sale of candy bars) 2018 (To record coffee mugs offered for wrappers redeemed) 2018 (To record liability against expected redemption of wrappers in 2019) eTextbook and Media List of Accounts Attempts: 0 of 2 used Save for LaterSubmit Answer Part 2 Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Kane Candy Company balance sheet and income statement at the end of 2017 and 2018. Balance Sheet Account Name Class 2017 2018 $ $ $ $ Income Statement Account Name Class 2017 2018 $ $ eTextbook and Media List of Accounts Attempts: 0 of 2 used Save for LaterSubmit Answer