QUESTION 1.4 (20 marks) Grumpy Cat Corp. includes one coupon in each bag of cat food it sells. In return for three coupons, customers receive a cat toy that the company purchases for $ 1.20 each. Grumpy Cat's experience indicates that 60% of the coupons will be redeemed. During 2020, 100,000 bags of cat food were sold, 12,000 toys were purchased, and 45,000 coupons were redeemed. During 2021, 120,000 bags of cat food were sold, 16,000 toys were purchased, and 60,000 coupons were redeemed. Required a. Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the statement of financial position for 2020 and 2021