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HOME: In December 2019, Coke Cokey Co. began including one coupon in each case of soda that it sells and offering a T- Shirt in
HOME: In December 2019, Coke Cokey Co. began including one coupon in each case of soda that it sells and offering a T- Shirt in exchange for $0.75 and five coupons. The T-Shirts cost Coke Cokey $1.50 each. Eventually, 60% of the coupons will be redeemed. During December, Coke Cokey sold 900,000 cases of soda and no coupons were redeemed. In its December 31, 2019 balance sheet, what amount should Coke Cokey report as estimated liability for coupons
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