Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer...

Extracted text: Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below. 2021 2022 Sales Purchase of premium, P50 per plate Number of plates distributed as premiums Estimated number of plates to be distributed in subsequent period Distribution cost P20 per plate 3,600,000 390,000 5,000 4,200,000 580,000 9,000 2,000 3,000 Required: Prepare journal entries that would be made in 2021 and 2022 to record sales, premium purchases and redemptions, and year-end adjustments.