Please solve the attached Document

1 ) Moleski Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2012, Moleski Company purchased 8,980 premiums at 80 cents each and sold 133,800 boxes of soap powder at $3.80 per box; 57,500 coupons were presented for redemption in 2012. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2012 . (Round answers to 0 decimal places, e.g. 1,225. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. (To record the pemium inventory) 2. (To record the sales) 3. (To record the expense associated with the sale) 4. (To record the premium liability) 2) Sycamore Candy Company offers a CD single as a premium for every 6 candy bar wrappers presented by customers together with $3.15. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $2.90; in addition, it costs 50 cents to mail each CD. The results of the premium plan for the years 2012 and 2013 are as follows. (All purchases and sales are for cash.) 2012 CDs purchased 2013 285,000 376,200 Candy bars sold 2,982,800 2,763,800 Wrappers redeemed 1,368,000 1,710,000 2012 wrappers expected to be redeemed in 2013 330,600 2013 wrappers expected to be redeemed in 2014 399,000 (a) Prepare the journal entries that should be made in 2012 and 2013 to record the transactions related to the premium plan of the Sycamore Candy Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit 2012 1. (To record the pemium inventory.) 2. (To record the sales.) 3. (To record the expense associated with the sale.) 4. Credit (To record the premium liability.) 2013 5. (To record the pemium inventory.) 6. (To record the sales.) 7. (To record the expense associated with the sale.) 8. (To record the premium liability.) (b) 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 2012 and 2013. Account Inventory of Premiums Premiums Liability Premium Expense Amount 2012 2013 $ Classification $ 1 )Moleski Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2012, Moleski Company purchased 8,980 premiums at 80 cents each and sold 133,800 boxes of soap powder at $3.80 per box; 57,500 coupons were presented for redemption in 2012. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2012 . (Round answers to 0 decimal places, e.g. 1,225. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. 1. Account Titles and Explanation Inventory of Premiums Debit Credit 7,184 (8,980 X $.80) Cash 7,184 (To record the pemium inventory) 2. Cash 508,440 (133,800 X $3.80) Sales Revenue 508,440 (To record the sales) 3. Premium Expense Inventory of Premiums 4,600 4,600 [(57,500 10) X $0.80] (To record the expense associated with the sale) 4. Premium Expense 1,822.40 Premium Liability 1,822.40 (To record the premium liability) [(133,800 X 60%) - 57,500] 10 X $0.80 = 1,822.40 2) Sycamore Candy Company offers a CD single as a premium for every 6 candy bar wrappers presented by customers together with $3.15. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $2.90; in addition, it costs 50 cents to mail each CD. The results of the premium plan for the years 2012 and 2013 are as follows. (All purchases and sales are for cash.) 2012 CDs purchased 2013 285,000 376,200 Candy bars sold 2,982,800 2,763,800 Wrappers redeemed 1,368,000 1,710,000 2012 wrappers expected to be redeemed in 2013 330,600 2013 wrappers expected to be redeemed in 2014 399,000 (a) Prepare the journal entries that should be made in 2012 and 2013 to record the transactions related to the premium plan of the Sycamore Candy Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2012 1. Inventory of Premiums Cash 285000*2.90 (To record the pemium inventory.) $826,500 $826,500 2. Cash 894,840 Sales Revenue 894,840 (To record the sales.) Cash 604200 Premium Expense 3. 57000 Inventory of Premiums 661200 (To record the expense associated with the sale.) 4. Premium Expense 13,775 Premium Liability 13,775 (330,600 6) X ($2.90 + $.50 - $3.15) = $14,500 (To record the premium liability.) 2013 5. Inventory of Premiums 1,090,980 Cash 1,090,980 (To record the pemium inventory.) 6. Cash 829,140 Sales Revenue 829,140 (To record the sales.) Cash 755,250 Premium Liability 13,775 Premium Expense 7. 57475 Inventory of Premiums 826500 (To record the expense associated with the sale.) 8. Premium Expense 16625 Premium Liability 16625 (To record the premium liability.) (b) 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 2012 and 2013. Amount Account Inventory of Premiums 2012 2013 $ Classification $ 165300 264480 Premiums Liability 13775 16625 Premium Expense 70775 74100