(Answered) Question - a company offers a cash rebate of 1on each 4

Accounting

Question - A company offers a cash rebate of $1on each $4 package of light bulbs sold during 2010. Historically 10% of customers mail in a rebate form. During 2014, 4,000,000 packages of light bulbs are sold and 140,000 $1 rebates are mailed to customers. What is the rebate expense and liability, shown on the Dec. 31, 2010 financial statements?

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