Tcash Premium Expense Premium Liability Inventory of Premiums (To record the expense associated with the sale.) TPremium Expense - Premium Expense Premium Liability Problem 13-9 Wildhorse Company offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $3.20. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.95. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2017 and 2018 are as follows. (All purchases and sales are for cash.) 2017 2018 MP3 codes purchased Candy bars sold Wrappers redeemed 2017 wrappers expected to be redeemed in 2018 2018 wrappers expected to be redeemed in 2019 330,000 435,600 2,996,000 2,887,200 1,584,000 1,980,000 382,800 462,000 (To record the sales.) Cash Premium Expense x Inventory of Premiums (To record the expense associated with the sale.) Premium Expense TPremium Liability na do id TDD Ti di ci doa (To record the premium liability.) 2018 Inventory of Premiums Cash (To record the premium inventory.) Cash Sales Revenue Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2017 and 2018. Amount Account 2017 2018 Classification Inventory of Premiums Current Asset Premium Liability Current Liability Premium Expense T Selling Expense