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Problem 13-9 (Part Level Submission) Fint Company offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers

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Problem 13-9 (Part Level Submission) Fint Company offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $3.00. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.75. addition, 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 sale are for cash.) 2017 2018 MP3 codes purchased 315,000 415,800 Candy bars sold 2,636,300 2,480,500 Wrappers redeemed 1,512,000 1,890,000 2017 wrappers expected to be redeemed in 2018 365,400 2018 wrappers expected to be redeemed in 2019 441,000 (a) Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Fint Company. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2017 866250 Inventory of Premiums 866250 Cash Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Flint Company. (If entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2017 Inventory of Premiums 866250 Cash 866250 (To record the premium inventory.) 790890 Cash 790890 Sales Revenue (To record the sales.) Cash Premium Expense Inventory of Premiums (To record the expense associated with the sale.) Premium Expense Premium Liability PRINTER VE (To record the premium ability.) 2018 (To record the premium inventory.) (To record the sales.) (To record the expense associated with the sale.) (To record the premium labity.)

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