How much is the liability as of december

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Reference no: EM132826258

Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3 coupons to be able to purchase a plate. A plate is offered to customers sending in two coupons accompanied by a remittance of P2.

Date with respect to the premium offer are summarized below

Sales @ P250 per unit 4,200,000 3,600,000
Purchase of premium, P10 per plate 580,000 390,000
Estimated number of plates that will be distributed 80% 70%
Premiums distributed 17,000 13,000
Distribution cost P5 per plate

Problem 1: How much is the premium expense for 2020?

Problem 2: How much is the liability as of December 31, 2021?

Reference no: EM132826258

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