To increase the sales of its Sugar Kids breakfast cereal, Pronghorn Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2020, Pronghorn purchases 40,400 puppets at $1.40 each and sells 484.000 boxes of Sugar Kids at $3.80 a box. Ignore any cost of goods sold. Pronghorn estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar premium offers, Pronghorn estimates that 40% of the coupons issued will be mailed back for redemption. During 2020, 118,000 coupons are presented for redemption. Pronghorn is a private company following ASPE. Prepare the journal entries that should be recorded in 2020 relative to the premium plan, assuming that Pronghorn follows a policy of charging the cost of coupons to expense as they are redeemed and adjusting the liability account at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Account Titles and Explanation Inventory of Premiums Cash (To record purchase of puppets) Cash V v Sales Revenue (To record sales of boxes) Premium Expense V Inventory of Premiums (To record redemption) Premium Expense Estimated Liability for Premiums (To accrue premium expense)