North Company includes one coupon in each bag of dog food it sells. In return for ten coupons, customers receive a leash. The leashes cost the company $3.00 each. North estimates that 20% of the coupons will be redeemed. Data for 2010 are as follows: Bags of dog food sold 1,000,000 Leashes purchased 20,000 Coupons redeemed 150,000 North does not make any coupon expense entries at the time of sale. Rather, it recognizes coupon expense at the time of actual redemptions, and makes an adjusting entry at the end of the year. How much coupon (premium) expense should North record for 2010? $60,000 $70,000 $75,000 $85,000