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What is the rebate expense and liability

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Question - A company offers a cash rebate of $1 on each $4 package of light bulbs sold during 2018. Historically, 10% of customers mail in the rebate form. During 2018, 3720000 packages of light bulbs are sold, and 198000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2018 financial statements dated December 31?

a. $174000; $174000

b. $198000; $174000

c. $372000; $174000

d. $372000; $372000

Reference no: EM132607064

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