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problem 1: 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?
Option 1: $1060000; $718000Option 2: $718000; $718000Option 3: $342000; $718000Option 4: $1060000; $1060000
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quick industries inc. has 4000 shares of 5 20par preferred stock and 150000 shares of 1 par common stock outstanding.
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