what is the answer for part b?

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Question 8 Concord Limited, a private company following ASPE, includes one coupon in each box of soap powder that it produces, and 8 coupons are redeemable for a premium (a kitchen utensil). In 2020, Concord Corporation purchased 8,810 premiums at $0.80 each and sold 97,600 boxes of soap powder at $2.80 per box. In total, 32,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Concord uses the expense approach to account for premiums. v (a) Your answer is correct. Prepare all the entries that would be made for sales of soap powder and for the premium plan in 2020. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit TInventory of Premiums Cash 7048 (To record cash purchase of premiums) Cash 273280 Sales Revenue (To record cash sales) Premium Expense 32002 3200 Inventory of Premiums (To record redemption of coupons) TPremium Expense 2656 L T Estimated Liability for F U L2656 v (b) What amounts relative to soap powder sales and premiums would be shown on Concord's financial statements for 2020? Concord Corporation Balance Sheet (Partial) Dec. 31, 2020 Concord Corporation Income Statement (Partial) For the year ended Dec. 31, 2020 Sales Revenue 273280 Less : Premium Expense 2656 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 0 of 3 used