In an effort to increase sales,Moore Company began a sales promotion campaign on June 30,2014.Part of this promotion included placing a special coupon in each package of candy bars sold.Customers were able to redeem ten coupons for a baseball.Each premium costs Moore $1.50.Moore estimated that 70 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?
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