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Ultra-Energy Company offers a cash rebate of 2 on each 9 package of protein powder sold during 2022. Historically, 20% of customers mail in the rebate form. During 2022, 3,000,000 packages are sold, and 250,000 2 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the companys 2022 financial statements?

1,200,000; 500,000

500,000; 700,000

500,000; 1,200,000

1,200,000; 700,000