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Question - Dairy King Chocolate Company sells chocolate bars to various customers. It includes one coupon in each chocolate bar sold. A premium item was offered to customers who send in five coupons and a remittance of P20. Other necessary cost of distributing premium items is P35. Experience indicated that only 40% of the coupons will be redeemed.
Pertinent data are presented below:
2019
2020
Chocolate bars sold
1,000,000
2,000,000
Premium items purchased at P75 each
60,000
150,000
Coupons redeemed
250,000
600,000
Required -
1. What is the premium expense for 2019?
2. What is the premium expense for 2020?
3. What is the premium liability on December 31, 2020?
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