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What amount should young report as a liability

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Question - Young Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Young's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Young's liability for stamp redemptions was P7,500,000 at December 31, 2019. Additional information for 2015 is as follows:

Stamp service revenue from stamps sold to licensees P5,000,000

Cost of redemption 3,400,000

If all the stamps sold in 2020 were presented for redemption in 2020, the redemption cost would be P2,500,000. What amount should Young report as a liability for stamp redemption at December 31, 2020?

Reference no: EM133014624

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