Monty Company offers a set of building blocks to customers who send in 3 UPC codes from Monty cereal, along with 40c. The block sets cost Monty $1.00 each to purchase and 50 each to mail to customers. During 2020, Monty sold 1,272,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 127,200 UPC codes were redeemed. Prepare Monty's December 31, 2020, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Premium Expense Premium Liability Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer