Morrisons Supermarket includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.20 each. Morrisons's experience...

Extracted text: Morrisons Supermarket includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.20 each. Morrisons's experience indicates that 60% of the coupons will be redeemed. During 2019, 100,000 bags of dog food were sold at $3.5 a bag, 12,000 toys were purchased, and 40,000 coupons were redeemed. Required: Prepare the journal entries that should be recorded in 2019 relative to the premium plan.