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Please help ASP Albertson Corporation began a special promotion in...

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Accounting

Please help ASP
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Albertson Corporation began a special promotion in July 2019 in an attempt to increase sales. A coupon was provided at various grocery stores upon checkout. Customers could send in five coupons for a free prize. Each prize cost Albertson Corporation $3.00. Albertson's management estimated that 80% of the coupons would be redeemed. For the six months ended December 31, 2019, the following information is available: Coupons distributed Prizes purchased Coupons redeemed 2,000,000 240,000 560,000 Required: What is the estimated liability associated with the coupons at December 31, 2019

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