Business, 11.02.2021 21:40, ann6083

5.On the back of its cereal boxes, Tiger Cereal Company offers a premium to its customers. The premium, a toy tiger, may be claimed by sending in $1 plus 10 coupons; one coupon is included in each box of cereal sold. Tiger estimates, based on past experience, that 60% of the coupons will be redeemed. During the year, Tiger purchased 240,000 toy tigers at $1.25 each for the premium promotion and sold 5,000,000 boxes of cereal at $1.80 per box. Also, 2,200,000 coupons were redeemed. Prepare the journal entries related to the previous promotion (including sales) for the year. Show how the items related to the premium plan would be reported on the December 31 balance sheet.

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5.On the back of its cereal boxes, Tiger Cereal Company offers a premium to its customers. The premi...