Sycamore Candy Company offers a CD single as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $2.25; in addition it costs 50 cents to mail each CD. The results of the premium plan for the years 2010 and 2011 are as follows. (All purchases and sales are for cash.) 2010 2011 CDs purchased 250,000 330,000 Candy bars sold 2,895,400 2,743,600 Wrappers redeemed 1,200,000 1,500,000 2010 wrappers expected to be redeemed in 2011 290,000 2011 wrappers expected to be redeemed in 2012 350,000 Prepare the journal entries that should be made in 2010 and 2011 to record the transactions related to the premium plan of the Sycamore Candy Company. (For multiple debit/credit entries, list amounts from largest to smallest, e.g. 10, 8, 6.) Description/Account Debit Credit 2010 SalesPremium expenseLiability for premiumsInventory of premium CD'sCash Premium expenseSalesLiability for premiumsInventory of premium CD'sCash (To record the purchase of CD's.) Premium expenseCashSalesLiability for premiumsInventory of premium CD's Inventory of premium CD'sLiability for premiumsPremium expenseSalesCash (To record the sale of candy bars.) Premium expenseCashLiability for premiumsInventory of premium CD'sSales Liability for premiumsPremium expenseInventory of premium CD'sCashSales Liability for premiumsCashInventory of premium CD'sPremium expenseSales (To record the redemption of wrappers, the receipt of cash & the mailing of CD's.) CashInventory of premium CD'sSalesLiability for premiumsPremium expense SalesPremium expenseLiability for premiumsCashInventory of premium CD's (To record the estimated liability for premium claims outstanding.) 2011 Liability for premiumsInventory of premium CD'sCashSalesPremium expense SalesLiability for premiumsPremium expenseInventory of premium CD'sCash (To record the purchase of CD's.) Liability for premiumsInventory of premium CD'sSalesCashPremium expense SalesLiability for premiumsInventory of premium CD'sCashPremium expense (To record the sale of candy bars.) SalesLiability for premiumsCashInventory of premium CD'sPremium expense Premium expenseInventory of premium CD'sCashSalesLiability for premiums SalesPremium expenseCashLiability for premiumsInventory of premium CD's Liability for premiumsInventory of premium CD'sCashPremium expenseSales (To record the redemption of wrappers, the receipt of cash & the mailing of CD's.) CashSalesLiability for premiumsPremium expenseInventory of premium CD's CashSalesInventory of premium CD'sLiability for premiumsPremium expense (To record the estimated liability for premium claims outstanding.)