On January 2, 2020, the Davis Corp. began a premium offer related to its product, a breakfast cereal. Customers may mail in six box tops and $1.00 in cash, and in return they will receive an autographed baseball. Postage to mail this baseball to customers is $0.50. During 2020, Davis sold 2,500,000 boxes of its breakfast cereal for $2.00 each, acquired 180,000 autographed baseballs for $1.20 each, and received 720,000 box tops from customers. Davis feels that 60% of all box tops that could be redeemed will eventually be redeemed. Required: Make the necessary entries for the following: a. The sale of the 2,500,000 boxes of cereal b. The purchase of the 180,000 autographed baseballs c. The receipt of the 720,000 box tops from customers and the mailing of the autographed baseballs d. The necessary December 31, 2020, adjusting entry related to this premium offer