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A company offers a cash rebate of $2 on each $6 package of batteries sold during 2021. Historically,10% of customers mail in the rebate form.

A company offers a cash rebate of $2 on each $6 package of batteries sold during 2021. Historically,10% of customers mail in the rebate form. During 2021,5300000packages of batteries are sold, and171000$2 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2021 financial statements dated December 31?

$1060000; $718000

$718000; $718000

$342000; $718000

$1060000; $1060000

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