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Bramble Music Limited $($BML$)$ carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet

music. BML uses two sales promotion techniques$-$warranties and premiums$-$to attract customers.

Musical instruments and sound equipment are sold with a one$-$year warranty for replacement of parts and labour. The estimated

warranty cost, based on experience, is $1\mathrm{.}8\%$ of net sales.

A premium is offered on the recorded and sheet music. Customers receive one point for each dollar spent on recorded music or sheet

music. Customers may exchange $200$ points plus $$18$ for a set of speakers. BML pays $$29$ for each set of speakers and estimates that

$55\%$ of the points given to customers will be redeemed.

BML$\text{'}$s net sales for $2023$ were $$7\mathrm{.}0$ million: $$5\mathrm{.}2$ million from musical instruments and sound reproduction equipment, and $$1\mathrm{.}8$ million

from recorded music and sheet music. Replacement parts and labour for warranty work totalled $$160,000$ during $2023.$ A total of

$6,300$ sets of speakers used in the premium program were purchased during the year, and $1\mathrm{.}2$ million points were redeemed in $2023.$

The expense approach is used by BML to account for the warranty and premium costs for financial reporting purposes. The balances in

the accounts related to warranties and premiums on January $1,2023,$ were:

$($a$)$

BML is preparing its financial statements for the year ended December $31,2023,$ in accordance with ASPE. Determine the amounts

that will be shown on the $2023$ financial statements for the following:

Warranty expense

$

Warranty liability

$

Premium expense

$

Inventory of premiums

$

Estimated liability for premiums

$