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What is the premium liability at December

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Question - Mott co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a lease. The leashes cost Mott $3 each. Mott estimates that 40 percent of the coupons will be redeemed. Data for 2022 and 2023 are as follows:

 

2022

2023

Bags of dog food sold

500,000

600,000

Leashes purchased

18,000

22,000

Coupons redeemed

120,000

150,000

Required -

1. What is the premium expense for 2022?

2. What is the premium liability at December 31, 2022?

3. What is the premium liability at December 31, 2023?

Reference no: EM133046813

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