Problem 13-9 (Part Level Submission) Sheridan Company offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $2.85. 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 $2.60. In 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 sales are for cash) MP3 codes purchased Candy bars sold Wrappers redeemed 2017 wrappers expected to be redeemed in 2018 2018 wrappers expected to be redeemed in 2019 2017 2018 300,000 396,000 3.180.800 2.948.900 1,440,000 1,800,000 348,000 420,000 (a) Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Sheridan Company. (If no entry is required, select "No Entry for the account titles and enter for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 1.525.) Account This and Explanati Behit (Te record the premium inventory To read the sales) (To record the en d with the sale) (To record the premium liability To record the premie r (Tere ) (b) Indicate the amounts for each accounts, and classifications of the items related to the premium Premium Premium 2017 2013 Classification The answer no answer The answer pene