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Determine the premium expense to be reported

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Question - Fido corp a small Canadian company reporting under ASPE include in each bag of dog food it sells in return three coupons customer receives a dog toy that the company had purchased for 1.20$ each. Fido experience indicates that 60 % of its coupons will be redeemed. During 2017100,000 bags of dog food were sold and 45,000 coupons were redeemed. Fido uses the expense approach to account for its premiums.

Required - Determine the premium expense to be reported in the income statement and the estimate liability for premiums on the financial position.

Reference no: EM132875761

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