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Question - A&A Company makes and sells boxes of premium instant macaroni and cheese. AA Company is offering a promotion in which customers can receive a pair of sunglasses, in exchange for 5 boxtops and $1.30. The company bought 1,550 pairs of sunglasses at $2.40 each. It costs A&A $1 to ship a pair of sunglasses to each customer. The company estimates that 70% of the boxtops will be redeemed during the promotion. During the 2021 year, the company sold 10,800 boxes of macaroni and cheese at a sales price of $3.04 each. By December 31, 2021, 4,700 boxtops were redeemed. A&A Company follows ASPE and uses the expense approach to account for its premium programs.
Required - Prepare all journal entries required to account for the premium plan for the 2021 year. Ignore any cost of goods sold entry. Assume that the sunglasses are purchased with cash, and that cash is received immediately for all sales.
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