Sweet Dates Company offers a premium to its customers$$a glass bowl $($cost to Sweet Dates is $$0\mathrm{.}90)$ upon return of $40$ coupons. Two coupons are placed in each box of dates sold. The company estimates, on the basis of past experience, that only $70\%$ of the coupons will ever be redeemed. On January $1,$ Sweet Dates purchased $360,000$ glass bowls. During the current year, $10$ million boxes of dates are sold for cash at $$0\mathrm{.}30$ each, and $8$ million coupons are redeemed.

Required:

$1.$ Prepare the journal entries related to the sale of dates and the premium plan for the current year$\mathrm{.}2.$ Show how the preceding items would be reported on the December $31$ balance sheet.