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To stimulate the sales of its Alladin breakfast cereal, Swifty Company places 1 coupon in each box.5coupons are redeemable for a premium consisting of a

To stimulate the sales of its Alladin breakfast cereal, Swifty Company places 1 coupon in each box.5coupons are redeemable for a premium consisting of a childrens hand puppet. In 2018, the company purchases46,300puppets at $1.65each and sells483,000boxes of Alladin at $3.90a box. From its experience with other similar premium offers, the company estimates that50% of the coupons issued will be mailed back for redemption. During 2018,149,500coupons are presented for redemption.

Prepare the journal entries that should be recorded in 2018 relative to the premium plan.

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