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Teal Company offers an MP3 download (seven-single medley) as apremium for every 5 candy bar wrappers presented by customerstogether with $2.90. The candy bars are sold by the company todistributors for 30 cents each. The purchase price of each downloadcode to the company is $2.65. In addition, it costs 50 cents todistribute each code. The results of the premium plan for the years2017 and 2018 are as follows. (All purchases and sales are forcash.)20172018MP3 codes purchased300,000396,000Candy bars sold2,803,8002,967,500Wrappers redeemed1,440,0001,800,0002017 wrappers expected to be redeemed in 2018348,0002018 wrappers expected to be redeemed in 2019420,000Prepare the journal entries that should be made in 2017 and 2018to record the transactions related to the premium plan of the TealCompany. (If no entry is required, select "No Entry"for the account titles and enter 0 for the amounts. Credit accounttitles are automatically indented when amount is entered. Do notindent manually. Round answers to 0 decimal places, e.g.1,525.)Indicate the amounts for each accounts, and classifications ofthe items related to the premium plan that would appear on thebalance sheet and the income statement at the end of 2017 and2018.