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Question - Love Company included one coupon in each package sold. A premium is offered to the costumer who send in 10 coupons.
2021
2022
Number of package sold
500,000
800,000
Number of premiums purchased at P40 each
30,000
60,000
Number of premium distributed
20,000
50,000
Number of premiums to be distributed next period
5,000
3,000
Required -
1. What amount should be reported as premium expense for 2021?
2. What amount should be reported as estimated premium liability on December 31, 2021?
3. What amount should be reported as premium expense in 2022?
4. What amount should be reported as estimated premium liability on December 31, 2022?
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