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Albion Inc. is a sports retailer and it gives its customers one reward point for every dollar of purchase. Customers can redeem 1,000 points to receive a prize that has a retail value of $ 50 and a cost of $ 25. Albion estimates that only 50% of reward points will be redeemed. Sales for current year amounted to $ 7.6 million. The opening balance in the deferred revenue account relative to this incentive program was $ 15,000, and 3.5 million points were redeemed.
Required:
Problem 1: What is the balance in the deferred revenue account to the point incentive program at year end?
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