Skysong Corporation sold Sugar Frosted Cocoa Bombs, a children's breakfast cereal. As a promotion, Skysong offered its customers a free music CD in exchange for 4 boxtops, plus $3.00 to cover postage and handling. The CD cost Skysong $3.25, and postage costs to mail the CDs out to customers were $2.50. Skysong estimated that 70% of its customers would redeem boxtops. Skysong purchased 11,000 CDs at the start of the promotion in November, 2020. 120,000 boxes of cereal were sold during November and December, 2020, and Skysong's year-end was December 31. Prior to the end of the fiscal year, 7,700 customers took advantage of the offer, which continued until February, 2021. Skysong follows ASPE and uses the expense approach to account for its premiums. Your answer is correct. Prepare the journal entry to record the purchase of the promotional CDs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Inventory of Premiums Cash eTextbook and Media 35750 35750 Your answer is partially correct. Prepare the journal entry to record the redemption by 7,700 customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash Premium Expense Inventory of Premiums eTextbook and Media List of Accounts 5775 19250 25025 Your answer is partially correct. Prepare the journal entry to record the year-end accrual entry for estimated premium expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Premium Expense Estimated Liability for Premiums eTextbook and Media List of Accounts Debit 9975 Credit 9975