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With each tube of toothpaste that it sells. Champion Incorporated includes a special coupon to promote its business. Details pertaining to toothpaste sales and the

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With each tube of toothpaste that it sells. Champion Incorporated includes a special coupon to promote its business. Details pertaining to toothpaste sales and the promotional campaign follow: . . The customer may redeem 20 coupons and return $4.50 for a decorative ornament. Each ornament costs Champion $7.55. Each tube of toothpaste sells for $4.75 (all sales are cash sales). During 2021, Champion Incorporated purchased 6.800 ornaments and sold 192.700 tubes of toothpaste. Based on past experience. Champion Incorporated estimates that 70% of the coupons will be redeemed. During 2021. 87.100 coupons were redeemed. It costs $1.64 to ship each ornament to the customer. . Assume that Champion Incorporated has a year end of October 31, 2021 and follows ASPE Required: Prepare any journal entries required by Champion Incorporated during 2021 for the promotional campaign, including any year end adjusting journal entries. Ignore cost of goods sold in preparing your entries

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