Problem 11-12 Sheffield Music Emporium carries wide variety of musical Instruments, sound reproduction equipment, recorded music, and sheet music. Shelfeld uses two sales promotion techniques warranties and premiums to attract customers Musical Instruments and sound equipment are sold with a 1-year warranty for replacement of parts and tabor. The estimated warranty cost, based on past experience, is 1 of sales The premium is offered on the recorded and sheet music customers receive a coupon for each dollar spent on recorded music or sheet music. Customers may exchange 200 coupons and sto for an MP3 player Sheffield pays $22 for each player and estimates that 60% of the coupons oven to customers will be redeemed. Sheffield's total sales for 2020 were 57,486,000-$5.820.000 from musical Instruments and sound reproduction equipment and 31,066,000 from recorded music and sheet music Replacement parts and labor for warranty work totaled $86,000 during 2020 140,500 of the work is related to pre 2020 s). A total of 6,810 players are in the premium program were purchased during the year and there were 1,314,000 coupons redeemed in 2020 The balances in the accounts related to warranties and premiums on January 1, 2020. were as shown below Premium Inventory $ 35,910 Premium Liability 42.340 Warranty Liability 57.300 Sheffield Music Emporium is preparing its financial statements for the year ended December 31, 2020. Determine the amounts that will be shown on the 2020 financial statements for the followino $ 5 (a) Warranty Expens (b) Warranty Liability (c) Premium Expense (d) Premium Inventory 3 5 (e) Premium Liabaty LINK TO TEXI 351 PM