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Muggs Co. includes one coupon in each bag of dog food it sells. In return...

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Accounting

Muggs Co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Muggs $4 each. Muggs estimates that 45 percent of the coupons will be redeemed. Data for 2017 and 2018 are as follows:

2017 2018

Bags of dog food sold 500,000 600,000

Leashes purchased 18,000 22,000

Coupons redeemed 120,000 150,000

___18. The premium liability at December 31, 2018 is

A) $30,000. B) $52,500. C) $60,000. D) $112,500.

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