Question: i need help solving this problem please! To stimulate the sales of its Alladin breakfast cereal, Sheffield Company places 1 coupon in each box. 5

i need help solving this problem please!

To stimulate the sales of its Alladin breakfast cereal, Sheffield Company places 1 coupon in each box. 5 coupons are redeemable for a premium consisting of a children's hand puppet. In 2018, the company purchases 49, 600 puppets at $1.70 each and sells 471,000 boxes of Alladin at $3.95 a box. From its experience with other similar premium offers, the company estimates that 40% of the coupons issued will be mailed back for redemption. During 2018, 150, 500 coupons are presented for redemption. Prepare the journal entries that should be recorded in 2018 relative to the premium plan

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