Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to customers who send in 3 UPC codes from Waterway cereal, along with 60. The block sets cost Waterway $0.80 each to purchase and 80 each to mail to customers. During 2017, Waterway sold 1,308,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 130,800 UPC codes were redeemed. Prepare Waterway's December 31, 2017, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Premium Expense 69,760 Premium Liability 1 69,760 69,760