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Problem 2 {22 Points] 00522503 lCompany o'ers a m coffee mug as a premium- Customers must submit four {4} coupons along with $1 for each mug. The purchase price of each mug to the company is $2.25. One (1} coupon is received for each purchase of a 34 box of candy- Seventy percent ("20%) of coupons are ultimately expected to be redeemed. The results of the premium plan for the years 2020 and 2021 are shown in the table below [assume all purchases and sales are for cash): 2020 2021 Co'ee mugs purchased (premium) 1,000,000 1,120,000 Boxes of candy sold 5,600,000 6,200,000 Coupons redeemed 3,400,000 4,200,000 Instructions: m the total premium expense to be reported in the income statement for 2020 and 2021= and the ending BIS estimated premium liability for both years. Determine the ending BIS premium inventory for 2020 only. Assume a zero balance in all accounts on 13' 122020. The 2021 redemptions include some coupons redeemable in 2020. Premium expense Ending estimated premium liabrhty a oth 2020 3:. 2021 are re uired Ending balance Premium Inventory 2020 onl is re ' d b) Please provide the entry for coupon redemptions for 2020 only: c} Mp also has a LE warranty on a miniplayer it sells. Hm expects .604: of sales to be defective, and the sales prioe per miniplayer is $13, what entry is recorded for warranty expense for 2020 and 2021, given that 2020 sales total 240,000 miniplayers, and 2021 sales total season miniplayersl'l d} Actual returns of mm for replacement related to 2020 sales were $3 2,000 in 2020, and $43,000 in 2021- Actual returns related to 2021 sales were $40,000 in 2021, and $48,000 in 2022. What can be concluded about the average quality of the canisters sold during 2020 and 2021 given these numbers?r Please circle your ppnnsrpn. and use numbers to support your response. better than expected worse than expected about as expected