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Problem - PC Inc. makes and sells boxes of organic fruit snacks. PC Inc. is offering a promotion in which customers can receive a t-shirt, in exchange for 10 boxtops and $1.50. The company bought 1,500 t-shirts at $3.20 each. It costs PC $1.20 to ship a t-shirt to each customer. The company estimates that 65% of the boxtops will be redeemed during the promotion. During the 2021 year. The company sold 21.600 boxes of fruit snacks at a sales price of $5.10 each. By December 31, 2021, 10.010 boxtops were redeemed. PC Inc. follows ASPE and uses the expense approach to account for its premium programs. 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 t-shirts are purchased with cash, and that cash is received immediately for all sales.
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