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What is the premium liability at december

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Mott co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a lease. The leashes cost Mott $3 each. Mott estimates that 40 percent of the coupons will be redeemed.

Data for 2022 and 2023 are as follows:

                                                     2022                 2023
Bags of dog food sold            500,000           600,000
Leashes purchased                18,000             22,000
Coupons redeemed                120,000           150,000

Question 1: What is the premium expense for 2022?
Question 2: What is the premium liability at December 31, 2022?
Question 3: What is the premium liability at December 31, 2023?

Reference no: EM132948883

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