Puppy Company includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a toy dog that the company purchases for $1.20 each. Puppy Company's experience indicates that 60% of the coupons will be redeemed. Information for 2020 is as follows: 2020 Bags of Dog Food Sold 100,000 12,000 40,000 Toys Purchased Coupons Redeemed The amount of estimated liability for premiums on the 12/31/20 balance sheet is: Select one: a. $6,000 b. $18,000 c. $24,000 d. $35,000 e. $48,000