Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar premium offers, whispering winds estimates that 40% of the coupons issued will be mailed back for redemption. During 2017, 115,500 coupons are presented for redemption. Whispering Winds is a private company following ASPE Prepare the journal entries that should be recorded in 2017 relative to the premium plan, assuming that Whispering Winds follows a policy of charging the cost of coupons to expense as they are redeemed and adjusting the liability account at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit To record purchase of puppets) To record sales of boxes) To record redemption) To record estimated liability for premium claims outstanding at December 31, 2017.) How would the accounts resulting from the entries in parts above be presented on the 2017 financial statements? Whispering Winds Corporation Balance Sheet (Partial) Whispering Winds Corporation Income Statement (Partial) Prepare the journal entries that should be recorded in 2017 relative to the premium plan, assuming that Whispering Winds follows IFRS and accounts for its promotional programs in accordance with the revenue approach and IFRIC 13. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record purchase of puppets) (To record sales of boxes) (To record premium expense) To record unearned sales revenue) How would the accounts resulting from the entries in part (d) above be presented on the 2017 financial statements? Whispering Winds Corporation Balance Sheet Partial) Whispering Winds Corporation Income Statement (Partial)