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During 2021, Deluxe Leather Goods issued 754,000 coupons which entitles the customer to a $5.00...

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Accounting

During 2021, Deluxe Leather Goods issued 754,000 coupons which entitles the customer to a $5.00 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 71% of the coupons will be redeemed. 440,000 coupons had been processed during 2021. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2021, Deluxe should report a liability for unredeemed coupons of:

Multiple Choice

$535,340.

$1,570,000.

$1,114,700.

$476,700.

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