During the year, L&M Leather Goods sold 1.110,000 reversible belts belt carried one rebate certificate which entitles the customer to a $4.10 cash refund when the rebate is submitted for redemption, L&M estimates that 75% of the ebates will be redeemed. 491,000 rebates had been submitted for redemption during the year. At December 31, L&M should report a liability for unredeemea rebate certificates of under a new sales promotional program. Each Multiple Choice $1,400,150 $2,013,100 Next >