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Yummy Rice Cereal offers an all-star bowl in exchange for three coupons. Yummy Rice estimates that 30% of coupons will be redeemed. The bowls cost

 

  

 

  

 

 

 Yummy Rice Cereal offers an all-star bowl in exchange for three coupons. Yummy Rice estimates that 30% of coupons will be redeemed. The bowls cost Yummy Rice $1 each. In 2016, 5,000,000 coupons were distributed. By year-end 900,000 coupons had been redeemed. Required: Calculate the liability that Yummy Rice should report at December 31, 2016.



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