During the year, L&M Leather Goods sold 1,000,000 reversible belts under a new sales promotional program. Each belt carried one coupon, which entitles the customer to a $3.90 cash rebate. L&M estimates that 78% of the coupons will be redeemed, even though only 507,000 coupons had been processed during the year. At December 31, L&M should report a liability for unredeemed coupons of:

O $3,035180 

O $892700.

O $1,321.580 

O $1713,600

Answer rating: 100% (QA)

Answer 1321580 Total coupons estimated to be redee... View the full answer