Blossom Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Blossom Company purchased 9,500 premiums at 75 cents each and sold 120,000 boxes of soap powder at $3.00 per box; 41,800 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption.
Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2020.
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