Cheyenne offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $3.05. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.80. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.)     2020   2021 MP3 codes purchased   315,000   415,800 Candy bars sold   2,630,800   2,667,200 Wrappers redeemed   1,512,000   1,890,000 2020 wrappers expected to be redeemed in 2021   365,400     2021 wrappers expected to be redeemed in 2022       441,000 Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Cheyenne. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,525.) Account Titles and Explanation Debit Credit 2020             (To record the premium inventory.)                 (To record the sales.)                       (To record the expense associated with the sale.)                 (To record the premium liability.)     2021             (To record the premium inventory.)                 (To record the sales.)                             (To record the expense associated with the sale.)                 (To record the premium liability.) 2) Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2020 and 2021.     Amount     Account   2020   2021   Classification Inventory of Premiums   $    $                                                                           Stockholders' EquityLong-term InvestmentsCurrent LiabilityProperty, Plant and EquipmentSelling ExpenseCurrent Asset Premium Liability                                                                                  Long-term InvestmentsStockholders' EquityCurrent AssetProperty, Plant and EquipmentCurrent LiabilitySelling Expense Premium Expense

Consider the following independent situations: For each of these situations, describe the revenue recognition policy that you believe that they should follow, explaining the basis for your recommendation 1. An international health club sells lifetime memberships costing $1,500 which allow the purchaser unlimited use of any of the club's 300 facilities around the world. The initiation fee may be paid in 36 monthly installments, with a two percent interest charge on any unpaid balance. 2. Franklin Motors, Inc., has always offered a limited, 36-month warranty on its cars and trucks, but to counter the significant competition in the industry, the company has come to the conclusion that it must do something more. With that in mind, the company developed a new warranty program: For a $1,500 payment at the time of purchase, a customer can buy a seven-year warranty that will cover replacement of almost all parts and labor. The purchased warranty expires at the end of seven years or when the…

A credit card company offers an annual 2% cash-back rebate on all gasoline purchases. If a family spent $6650 on gasoline purchases over the course of a year, what was the family's rebate at the end of the year?

please help me