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What is the rebate expense and liability

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Problem 1: A company offers a cash rebate of $2 on each $6 package of batteries sold during 2021. Historically, 9% of customers mail in the rebate form. During 2021, 5400000 packages of batteries are sold, and 175000 $2 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2021 financial statements dated December 31?

Option 1: $350000; $622000

Option 2: $972000; $622000

Option 3: $622000; $622000

Option 4: $972000; $972000

Reference no: EM132619869

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