Current Attempt in Progress Crane Co. includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.40 each. Crane's experience indicates that 60 percent of the coupons will be redeemed. During 2020, 103,000 bags of dog food were sold, 12,470 toys were purchased, and 41,200 coupons were redeemed. During 2021, 123,600 bags of dog food were sold, 16,900 toys were purchased, and 61,800 coupons were redeemed. Determine the premium expense to be reported in the income statement and the premium liability on the balance sheet for 2020 and 2021. Premium expense $ Premium liability $ Save for Later 2020 $ ta 2021 Attempts: 0 of 1 used Submit Answer

Current Attempt in Progress Crane Ca. includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.40 each. Crane's experience indicates that 60 percent of the coupons will be redeemed. During 2.020,103.000 bags of dog food were sold, 12,470 toys were purchased, and 41,200 coupons were redeemed. During 2021, 123,600 bags of dog food were sold, 16,900 toys were purchased, and 61,800 coupons were redeemed. Determine the premium expense to be reported in the income statement and the premium liablity on the balance sheet for 2020 and 2021