Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: - - - -- - -.. . . . . . .- 2020 2021 - - -- - - - - -- - ...-.-.-. . . . . . .-----{ - . . . . . .. - - ----. . . . .----- Facial soap sales, P50 per unit 2,500,000 2,875,000 - -. . . . . . . .-L--. . . . .. . 6--.... . . . . .-.. - . . . . . . . . . . . . . . . .- -- --4- .. Towel purchases, Pgo per unit 337,50 360,000 - . . . . .-----;- . . Number of box tops returned 38,550 Requirements: 4. Compute for the premiums (as an asset) amount for the year ended: A. December 31, 2020 B. December 31, 2021 AE211: Intermediate Acctg. 2 Prepared by: Bernadette Adelaida M. Cope 5. Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021 . Compute for the premium liability for the year ended: A. December 31, 2020 B. December 31, 2021 7. How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash outflow, put a negative (-) sign before the numerical figure. A. December 31, 2020 B. December 31, 2021