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Larkspur Corporation sold Sugar Frosted Cocoa Bombs, a children's breakfast cereal. As a promotion, Larkspur offered its customers a free music CD in exchange for 4 boxtops, plus $3.40 to cover postage and handling. The CD cost Larkspur $3.65, and postage costs to mail the CDs out to customers were $2.50. Larkspur estimated that 80% of its customers would redeem boxtops. Larkspur purchased 12,200 CDs at the start of the promotion in November, 2020. 140,000 boxes of cereal were sold during November and December, 2020, and Larkspur's year-end was December 31. Prior to the end of the fiscal year, 8,800 customers took advantage of the offer, which continued until February, 2021. Larkspur follows ASPE and uses the expense approach to account for its premiums.
Instructions:
Problem 1) Prepare the journal entry to record the purchase of the promotional CDs.
Problem 2) Prepare the journal entry to record the redemption by 8,800 customers.
Problem 3) Prepare the journal entry to record the year-end accrual entry for estimated premium expense.
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