Business, 12.08.2020 04:01 ohernandez35

Crane Company distributes to consumers coupons which may be presented (on or before a stated expiration date) to grocers for discounts on certain products of Crane. The grocers are reimbursed when they send the coupons to Crane. In Crane's experience, 50% of such coupons are redeemed, and generally one month elapses between the date a grocer receives a coupon from a consumer and the date Crane receives it. During 2018 Crane issued two separate series of coupons as follows: Issued On Total Value Consumer Expiration Date Amount Disbursed as of 12/31/18
1/1/18 $510000 6/30/18 $234000
7/1/18 830000 12/31/18 355000

The only journal entry recorded to date is: debit to coupon expense and credit to cash of $817000. The December 31, 2018 balance sheet should include a liability for unredeemed coupons of:

a. $0.
b. $70,000.
c. $184,000.
d. $420,000.

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Crane Company distributes to consumers coupons which may be presented (on or before a stated expirat...

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