In an effort to increase sales,Sharpy Razor Blade Company inaugurated a sales promotion campaign on June 30,2014,whereby Sharpy placed a coupon in each package of razor blades sold,the coupons being redeemable for a premium.Each premium costs Sharpy $0.75,and five coupons must be presented by a customer to receive a premium.Sharpy estimated that only 60 percent of the coupons issued will be redeemed.For the six months ended December 31,2014,the following information is available:
What is the estimated liability for premium claims outstanding at December 31,2014?
Definitions:
Patellar Reflex
A reflex action in which the patellar tendon is tapped, causing the quadriceps muscle to contract and kick the lower leg forward.
Rectus Femoris Muscle
A muscle of the anterior thigh that is part of the quadriceps group, involved in knee extension and hip flexion.
Proprioceptor
Sensory receptors found in muscles and tendons that provide information about body position and movement.
Spinal Cord
A long, thin, tubular structure made up of nervous tissue, which extends from the brainstem down the back, and is enclosed in and protected by the vertebral column.
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