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Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-start bowl in exchange for three proof-of-purchase box

Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-start bowl in exchange for three proof-of-purchase box tops. Yummy Rice $1 each. In 2024, 5,000,000 boxes of cereal were sold. By year-end 900,000 box tops had been redeemed.

Required:

Calculate the premium expense that Yummy Rice should recognize for the year ended December 31, 2024

Premium expense:

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