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CALCULATOR PRINTER VERSION BACK Problem 13-09 (Part Level Submission) Monty offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $3.25. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.) MP3 codes purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 2021 360,000 475,200 2,825,000 2,546,500 1,728,000 2,160,000 417,600 504,000 (a) Your answer is partially correct. Try again. Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Monty. (If no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020 Tnventory of Premium 1,170,000 Cash (To record the premium inventory.) 1,170,000 847,500 847,500 Sales Revenue (To record the sales) 1,030,000 Premium Expense 36.400 1,123,200 Trwentory of Premium (To record the expense associated with the sale) MacBook Air CALCULATOR PRINTER VERSIO! MP3 codes purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 2021 360,000 475,200 2,825,000 2,546,500 1,728,000 2,160,000 417,600 504,000 Your answer is partially correct. Try again. Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Monty. (If no entry is required, select "No Entry account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to de places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020 Inventory of Premiums 0,000 Cash (To record the premium inventory.) 1,170,000 Cash 847,500 Sales Revenue (To record the sales.) 847,500 Cash 1,036,800 Premium Expense 86,400 1,123,200 Inventory of Premiums (To record the expense associated with the sale Premium Expense 20,850 20,850 Premium Liability (To record the premium habit) MacBook Air Accounting, 17e Help System Announcements 2021 CALCULATOR PRIA Inventory of Premiums Cash (To record the premium inventory.) Cash Sales Revenue (To record the sales.) Cash Premium Liability Premium Expense Inventory of Premiums (To record the expense associated with the sale.) Premium Expense Premium Lability (To record the premium liabety) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 1 of 5 used SAVE PLATE SUBMIT AN (b)