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TB Problem 13-156 (Algo) Yummy Rice Cereal started a program at... Yummy Rice Cereal started a program at the beginning of 2024 in which it

TB Problem 13-156 (Algo) Yummy Rice Cereal started a program at... Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-star bowl in exchange for two proof-ofpurchase box tops. Yummy Rice estimates that 30% of box tops will be redeemed. The bowls cost Yummy Rice $1.85 each. In 2024 , 4,160,000 boxes of cereal were sold. By year-end 879,000 box tops had been redeemed. Required: Calculate the premium expense that Yummy Rice should recognize for the year ended December 31, 2024

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