Problem 13-9Cheyenne Company offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $3.50. 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 $3.25. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2017 and 2018 are as follows. (All purchases and sales are for cash.)20172018MP3 codes purchased 360,000 475,200Candy bars sold 2,825,000 2,546,500Wrappers redeemed 1,728,000 2,160,0002017 wrappers expected to be redeemed in 2018 417,600 2018 wrappers expected to be redeemed in 2019 504,000Prepare the journal entries that should be made in 2017 and 2018 to record the transactions related to the premium plan of the Cheyenne Company. (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 ExplanationDebitCredit2017Inventory of Premiums Cash(To record the premium inventory.)Cash Sales Revenue(To record the sales.)Cash Premium Expense Inventory of Premiums(To record the expense associated with the sale.)Premium Expense Premium Liability(To record the premium liability.)2018Inventory of Premiums Cash(To record the premium inventory.)Cash Sales Revenue(To record the sales.)     (To record the expense associated with the sale.)  (To record the premium liability.)SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTIndicate 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 2017 and 2018.AmountAccount20172018ClassificationInventory of Premiums $$Premium LiabilityPremium Expense