Homework Answers
Estimated future redemption = UPC codes expected to be sent in -
Already redeemed
= (1308000 x 30%) - 130800
= 392400 - 130800
= 261600
Now,
Cost of estimated claims outstanding =(261600/3) x ($0.8 + $0.8 - $0.6) = $87200
therefore,
| Account title & explanation | Debit | Credit |
|---|---|---|
|
Premium expense Premium liability |
$87200 . |
. $87200 |
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1,524,000 boxes of cereal. The company expects 30% of the UPC codes
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