Love Company included one coupon in each package sold. A towel is offered as a premium to customers who send in 10 coupons:

For 2017: Packages of cereal sold (50 per pack) - 500,000

Number of towels purchased at P40 per towel - 30,000

Number of towels distributed as premium - 20,000

Number of towels to be distributed as premium next period - 5,000

For 2018: Packages of cereal sold (50 per pack) - 800,000

Number of towels purchased at P40 per towel - 60,000

Number of towels distributed as premium - 50,000

Number of towels to be distributed as premium next period - 3,000

For 2019 Packages of cereal sold (50 per pack) - 900,000

Number of towels purchased at P40 per towel -60,000

Number of towels distributed as premium - 55,000

Number of towels to be distributed as premium next period - 2,000

Required:

1.The journal entry to record purchase of Premiums for 2017:

2.The journal entry to record distributions of Premiums for 2018:

3.The journal entry to record premium liability as of 2019:

4.How many coupons were redeemed for 2017:

5.How many coupons were redeemed for 2018:

6.How many coupons were redeemed for 2019:

7.What amount should be reported as Premium Expense for 2017:

8.What amount should be reported as Premium Expense for 2018:

9.What amount should be reported as Premium Expense for 2019:

10.What amount should be reported as Premium Liability as of 2017:

11.What amount should be reported as Premium Liability as of 2018:

12.What amount should be reported as Premium Liability as of 2019:

13.What is the balance of Premium - Towels as of 2017:

14.What is the balance of Premium - Towels as of 2018:

15.What is the balance of Premium - Towels as of 2019:

Can you answer this in just an hour? I because I need it now. Even without explanation is okay.