past experience, the company estimates that only $40\%$ of the labels will be redeemed. During $2018,$ the company purchased $13,000$ soup spoons and sold $600,000$ cans of soup at $$1,20$ per can $($the company uses the periodic inventory method$).$ From these sales, $180,000$ labels were returned for redemption in $2018.$

a$.$ Prepare the journal entry to record the purchase of $12,000$ soup spoons.

b$.$ Prepare the journal entry to record the sale of $600,000$ cans of soup.

c$.$ Prepare the journal entry to estimate the premium expense for $2018.$

d$.$ Prepare the journal entry to record the redemption of $180,000$ labels.

Answer: