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What amount should concord report as a liability for stamp

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Question - Concord Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Concord's past experience indicates that only 75% of the stamps sold to licensees will be redeemed. Concord's liability for stamp redemptions was $7580000 at December 31, 2020. Additional information for 2021 is as follows:

Stamp service revenue from stamps sold to licensees $6020000

Cost of redemptions 5010000

Required - If all the stamps sold in 2021 were presented for redemption in 2022, the redemption cost would be $4500000. What amount should Concord report as a liability for stamp redemptions at December 31, 2021?

Reference no: EM133125655

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