MontyCorp. offers a set of building blocks to customers who send in3codes fromMontycereal, along with $1.00.Montypurchased99,800building block sets in 2020 for $2.50each, and paid for them by cash. During 2020,Montysold998,000boxes of cereal for $4per box.Montyestimates that10% of the sales amount received from customers relates to the building block sets to be awarded.Montyexpects30% of the codes to be sent in, and in 2020,239,520codes were redeemed.

Make all necessary journal entries for 2020 ifMontyfollows IFRS and prefers to use the revenue approach.(Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

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(To record cash purchase of premiums)

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(To record cash sales)

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(To record redemption of codes)

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Make all necessary journal entries for 2020 ifMontyfollows ASPE and prefers to use the expense approach.(Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

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(To record cash purchase of premiums)

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(To record cash sales)

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(To record redemption of codes)

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(To record premium expense)