Exercise 152 Sterling 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 $1.50 each. Sterling's experience indicates that 60 percent of the coupons will be redeemed. During 2017, 93,000 bags of dog food were sold, 11,610 toys were purchased, and 37,200 coupons were redeemed. During 2018, 127,600 bags of dog food were sold, 16,970 toys were purchased, and 63,800 coupons were redeemed Determine the premium expense to be reported in the income statement and the premium liability on the balance sheet for 2017 and 2018. 2010