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What amount should mill report as estimated liability

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Question - In December Year 4, Mill Co. began including one coupon in each package of candy that it sells and offering a toy in exchange for $.50 and one coupon. The toys cost Mill $.80 each. Eventually, 60% of the coupons will be redeemed. During December, Mill sold 110,000 packages of candy and no coupons were redeemed. In its December 31, Year 4, balance sheet, what amount should Mill report as estimated liability for coupons?

Reference no: EM132089170

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