Wynn Corp. offers a set of building blocks to customers who send in three UPC codes from Wynn cereal, along with $0.50. The block sets cost Wynn $1.10 each to purchase and $0.60 each to mail to customers. During 2011, Wynn sold 1.2 million boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2011, 120,000 UPC codes were redeemed. Prepare Wynn’s December 31, 2011 adjusting entry.
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