The STU Co. manufactures a cake mix that are later sold in boxes. A bowl set is given to customers returning ten(10) box tops accompanied by a cash of P4.00. Data with respect to the premium offer are summarized below: Cake mix sales (P19.20) Bowl set purchases (P11.20/set) No. of bowls distributed 2019 P1,584,000 61,600 4,000 sets 2020 P1,920,000 67,200 5,500 sets The company expects about 80% of the box tops will be returned in for the bowl set. REQUIRED: 1. Prepare the entries in 2019 and 2020 to record the following: cake mix sales, purchase of bowl sets; and distribution of bowl sets. Include year-end adjusting (Dec. 31) and closing entries. 2. Determine the balances of the following balance sheet accounts as of Dec. 31, 2019 and Dec. 31, 2020: a. Premiums Inventory b. Estimated Premiums Payable 3. Determine the balances of the following income statement accounts for 2019 and 2020: a. Sales b. Premiums Expense