True or False: Identify if the following statement is true or false: a. A provision is a liability of uncertain timing and amount b. Provisions differ from other liabilities because of the uncertainty about the timing or amount of expenditure required in settlement. c. A present obligation that requires an outflow that is reasonably possible may recognized as a provision. cl. An entity shall recognize contingent assets that are probable. e. An entity should never be discounted to the present value of the expected cash outflows needed to settle obligation. Problem: In effort to increase sales, a company initiated a sales promotion campaign on June 20, 2015, whereby a coupon was placed in each package of the product, the coupons are redeemable for a premium. Each premium costs the company P050 and ve coupons must be presented by customer to receive a premium. The company estimated that only 60 percent of coupons issued will be redeemed. For the six months ended December 2015, the following information is available: Packages sold (in units] 400,000; Premiums Purchased 30,000; Coupons Redeemed 100,00 Requirements: 3. How much is the premium expense in 2015? b. How much is the estimated liability as of December 31, 2015