0.33/1 Current Attempt in Progress Your answer is partially correct Presented below are three independent situations 1. Sheridan Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Sheridan's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Sheridan's liability for stamp redemptions was $13.362.500 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees $10.368.900 Cost of redemptions (stamps sold prior to 1/1/201 5,967.100 If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5.156,100. What amount should Sheridan report as a liability for stamp redemptions at December 31, 2020? Liability for stamp redemptions at December 31.2020 $ 11520280 2. In packages of its products, Skysong Inc. includes coupons that may be presented at retail stores to obtain discounts on other Skysong products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs Skysong honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Skysong estimates: that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Skysong during 2020 is as follows Consumer expiration date 12/31/20 2. In packages of its products, Skysong Inc. includes coupons that may be presented at retail stores to obtain discounts on other Skysong products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs Skysong honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Skysong estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Skysong during 2020 is a follows Consumer expiration date 12/31/20 $842,800 Total payments to retailers as of 12/31/20 334,800 Total face amount of coupons issued What amount should Skysong report as a liability for unredeemed coupons at December 31, 2020? Liability for unredeemed coupons $ 3. Concord Company sold 754,900 boxes of pie mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.10, entitles the customer to a baking pan. Concord pays $6.10 per pan and $0.60 for handling and shipping Concord estimates that 70% of the coupons will be redeemed, even though only 245,200 coupons had been processed during 2020. What amount should Concord report as a liability for unredeemed coupons at December 31, 2020? Liability for unredeemed coupons at December 31.2020 $ eTextbook and Media