Pharoah offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.30. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $3.05. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.) MP3 codes purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 340,000 2,665,300 1.632.000 394,400 2021 448,800 2,676,600 2,040,000 476,000 Question 4 of 4 3.67 / 11 www Account Titles and Explanation Debit Credit 2020 Inventory of Premium Cash (To record the premium inventory.) Cash Sales Revenue (To record the sales.) - Cash Premium Expense Inventory of Premiums (To record the expense associated with the sale.) Premium Expense Premium Liability (To record the premium liability.) 2021 Inventory of Premium Cash (To record the premium inventory.) Question 4 of 4 3.67 / 11 (To record the premium inventory.) Cash Sales Revenue (To record the sales.) Cash Premium Liability Premium Expense - Inventory of Premiums (To record the expense associated with the sale.) Premium Expense Premium Liability (To record the premium liability.) Question 4 of 4 3.67 / 11 ini List of Accounts Assistance Used X Your answer is incorrect Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2020 and 2021. Amount 2020 2021 Classification $ Account Inventory of Premiums Premium Liability Premium Expense e Textbook and Media Current Asset Long-term Investments Current Liability Property, Plant and Equipment Stockholders' Equity Selling Expense List of Accounts