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What amount of net income does the company report

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Question - The Taylor Company sells music systems. Each music system costs the company $100 and will be sold to the public for $250. In Year One, the company sells 100 gift cards to customers for $250 each ($25,000 in total). These cards are valid for just one year, and company officials expect them to all be redeemed. In Year Two, only 96 of the cards are returned. What amount of net income does the company report for Year Two in connection with these cards?

a. $15,000

b. $15,400

c. $15,500

d. $15,800

Reference no: EM132841272

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