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Prepare Larkspur December adjusting entry

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Reference no: EM132872117

Question - Larkspur Company offers a set of building blocks to customers who send in 3 UPC codes from Larkspur cereal, along with 60¢. The block sets cost Larkspur $1.40 each to purchase and 70¢ each to mail to customers. During 2020, Larkspur sold 924,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 92,400 UPC codes were redeemed. Prepare Larkspur's December 31, 2020, adjusting entry.

Reference no: EM132872117

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