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What amount would PocketPals record as rebate expense

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Question - As a promotion to increase sales of its new distopian children's book characters line, TrumpTastic, Inc. is offering a $10 rebate to customers who purchase 4 story book characters, each at $30, and send in the SKU codes from those purchases. TrumpTastic expects 60% of their sales to be from the children's story book line and that 50% of those will redeem the rebate. TrumpTastic estimates $10,800,000 in sales in 2021.

Required -      

1. What amount would PocketPals record as rebate expense in 2021?

2. What would be the balance in the rebate liability account at 12-31-2021?

Reference no: EM133035459

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