Susan Company is a manufacturer of car shampoo and sells its product through local retailers. The shampoo costs P550 toithe retailer. Retailers sell the product to its customers and for each product purchased by the customer, a coupon of P100 discount is given and may be used on future purchase of the same product. Retailers are reimbursed for the discount by the discount. by the entity when customers redeem their coupons. During the current year, the entity sold 8,000 products to local retailers at P550 each product or P4,400,000 : The entity expected that 75% of the coupons issued will be redeemed. At year end, the entity paid the retailers P250,000 as reimbursement. Required: 1. Compute the stand-alone selling price of the rebate coupons. 2. Allocate the transaction price to products sold and to the rebate coupons. 3. Prepare journal entries for the current year. 4. Compute the rebate liability at year-end