Pharoah offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $2.65. 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 $2.40. 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 375,000 2,659,900 1,800,000 435,000 2021 495,000 2,812,000 2,250,000 525,000 Part 1 Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Pharoah. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020 (To record the premium inventory.) (To record the sales.) (To record the expense associated with the sale.) (To record the premium liability.) 2021 (To record the premium inventory.) (To record the sales.) (To record the expense associated with the sale.) (To record the premium liability.) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer Part 2 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