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Problem 1-6 (AICPA Adapt Baker Company sold consumer products that are packaged in boxes. The entity offered an unbreakable glass in exchange for two box tops and P50 as a promotion during the current year. The cost of the glass was P200. The entity estimated at the end the year that it would be probable that 50% of the box tops will be redeemed. The entity sold 100,000 boxes of the product during the current year and 40,000 box tops were redeemed during the year. 1. What amount should be reported as premium expense for the current year? a. 3,750,000 b. 3,000,000 C. 5,000,000 d. 4,000,000 year-end? 2. What amount should be reported as estimated premium liability at a. 3,000,000 b. 1,500,000 C. 750,000 d