Question - Culver Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Culver Company purchased 9,500 premiums at 80 cents each and sold 121,000 boxes of soap powder at $3.20 per box; 42,100 coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption.
Prepare all entries that would be made relative to sales of soap powder and to the premium plan in 2017.