Nablus Co. inctudes one coupon in each Baby milk box it sells. In return for 8 coupons, customers receive a premium. The premium cost is $3 each. The company estimates that 60 perent of tha haunans will be redeemed. Data for 2020 and 2021 are as follows: 1. The premium expense for 2020 is =11,250 3. The premium liability at December 31,2021 is 5,250 4. Prepare the required journal entries for 2020 to record the following: a. The purchase of premium b. The actual redemption of the coupons in 2020 c. The adjusting entry for the estimated premium liability (a) Primume Inventory cash b) Primume Inventorf exp (21,00018)43 primunc ivendory (c) Primume exp Primuncliability115,3,75&00006)18=11,2507875=3,375