Wynn Company offers a set of building blocks to customers who send in 3 box tops from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to purchase and 60¢ each to mail to customers. During 2019, Wynn sold 1,200,000 boxes of cereal. The company expects 30% of the box tops to be sent in. During 2019, 120,000 box tops were redeemed. Prepare Wynn's December 31, 2019, adjusting entry.