General Product Inc. distributed 140 million coupons in 2021. The coupons are redeemable for 50 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 46 million coupons redeemed in 2021 and 30 million redeemed in 2022. General recognizes coupon promotion expense in the period coupons are issued. What was General's coupon promotion expense in 2021

$49 million

Explanation:

The computation of the promotion expense is shown below:

General's coupon promotion expense for the year 2021 is

= Distributed coupons × redeemable × percentage redeemed

= 140 million × $0.50 × 70%

= $49 million

Hence, the promotional expense for the year 2021 is $49 million and the same is to be considered

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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