Problem 13-9 Windsor Company offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $2.70. 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 $2.45. 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 280,000 369,600 3,158,600 2,890,500 1,344,000 1,680,000 324,800 392,000 Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Windsor Company. It 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 Tinventory of Premiums i 686,000 686,000 T T 686,000 Cash (To record the premium inventory.) Cash 7 247,802 1 947,580 Sales Revenue (To record the sales.) Cash 591.360 T Premium Expense 658,560 | Inventory of Premiums (To record the expense associated with the sale.) Premium Expense 0 Premium Liability 16,240 2018 Inventory of Premiums Cash (To record the premium inventory.) Cash 367,150 1 Sales Revenue 867,150 (To record the sales.) Cash 1739,200 67,7607 Premium Expense 67,760 Premium Liability Ji 16,240 5,240 1 Inventory of Premiums 823,200 823,200 (To record the expense associated with the sale.) Premium Expense 19,600 I Premium Liability 19,600 (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 16,240 19,6 Current Liability bility X.. Premium Expense Selling Expense