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Compute premium expense balances

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Question - Tesla Company started a new promotional program on April 1, 2019. For every 10 box tops returned to Tesla along with P50 payment, customers receive an elegant planner notebook. Tesla estimates that only 80% of the box tops reaching the market will be redeemed. Additional information is as follows for the 9 months ended December 31, 2019:

Units Amount

Sales of product 110,000 P19,250,000

Planner purchased 6,500 P2,600,000

Planner distributed 4,800

Compute for the balances of the following at December 31, 2019 for Tesla Company:

1. Premium expense

2. Estimated premium liability

3. Premiums

Reference no: EM133071696

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