Business, 03.04.2020 16:21 twingromsretarde

During the year, L&M Leather Goods sold 1,080,000 reversible belts under a new sales promotional program. Each belt carried one rebate certificate which entitles the customer to a $ 4.50 cash refund when the rebate is submitted for redemption. L&M estimates that 72% of the rebates will be redeemed. 499,000 rebates had been submitted for redemption during the year. At December 31, L&M should report a liability for unredeemed rebate certificates of:

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