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What is the rebate expense and liability

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Question - A company offers a cash rebate of $2 on each $6 package of batteries sold during 2021. Historically, 10% of customers mail in the rebate form. During 2021, 5300000 packages of batteries are sold, and 171000 $2 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2021 financial statements dated December 31?

a. $1060000; $718000

b. $718000; $718000

c. $342000; $718000

d. $1060000; $1060000

Reference no: EM132773604

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