To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. 5 coupons are redeemable for a premium consisting of a children’s hand puppet. In 2015, the company purchases 44,000 puppets at $1.60 each and sells 609,000 boxes of Alladin at $3.85 a box. From its experience with other similar premium offers, the company estimates that 40% of the coupons issued will be mailed back for redemption. During 2021, 147,600 coupons are presented for redemption.
Prepare the journal entries that should be recorded in 2015 relative to the premium plan.
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To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box....
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