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Drew-Richards iMusic is a regional music media reseller. As a promotion, it offered $5 cash rebates on specific CDs. Customers must mail in a proof-of-purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 70% of the rebates will be claimed. Twenty thousand of the CDs were sold in 2011. Total rebates to customers in 2011 were $22,000 and were recorded as promotional expense when paid. The fiscal year ends on December 31.
Required:
1. What is the promotional expense that Drew-Richards should report in its 2011 income statement?
2. What is the premium liability that Drew-Richards should report in its 2011 balance sheet?
3. Prepare the appropriate journal entry to record the contingency.
Identify the dependent and independent variables in this experiment. Are there any extraneous variables that might have influenced this experiment? Given your response to part (b), evaluate the internal validity of the experiment. Does Bert's reques..
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