Problem 13-9 Coronado Company offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download ode to the company is 53.25. In additio, it costs 50 cents to distribute each code. The results of the premium plan for the years 2017 and 2018 are as follows. (All purchases and sales are for cash.) 2017 2018 MP3 codes purchased Candy bars sold Wrappers redeemed 2017 wrappers expected to be redeemed in 2018 2018 wrappers expected to be redeemed in 2019 360,000 475,200 2,825,000 2,546,500 1,728,000 2,160,000 417,600 504,000 Your answer is pertially correct. Try again. Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Coronado 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. Round answers to 0 decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2017 Iriventory of Premiums 1170000 Cash 1170000 To record the premlum Inventory-) Cash 847500 Sales Revenue 84750 (To reoord the sales.) Cash Premium Expense Inventory of Premiums 1209600 Premium Expense 4176 Premium Liability 4176 (To record the premium liability.) 2018 Inventory of Premiums 1544400 Cash 1544400 (To record the premium inventory.) Cash 763950 Sales Revenue 763950 To record the sales.) Cash Premium Expense Premium Liability Inventory of Premiums (To record the expense associated with the sale.) Premium Expense 4176 Premium Liability 4176 (To record the premium liability.) Your answer is partially correct. Try again. 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 2017 and 2018. Amount Account 2017 2018 Classification Inventory of Premiums Current Asset Premium Liability Current Liability Premium Expense Selling Expense