UV Company offered a cash rebate of P10 on each P40 package of batteries sold during...

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UV Company offered a cash rebate of P10 on each P40 package of batteries sold during the current year. Historically, 10% of customers main in the rebate form. During the year, 6,000,000 packages of batteries are sold, and 210,000 P10 rebates are mailed to customers. What amount of rehate expense and liability for rebates should be reported respectively at year-end? UV Company offered a cash rebate of P10 on each P40 package of batteries sold during the current year. Historically, 10% of customers main in the rebate form. During the year, 6,000,000 packages of batteries are sold, and 210,000 P10 rebates are mailed to customers. What amount of rehate expense and liability for rebates should be reported respectively at year-end?

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