Business, 30.06.2019 03:30 hbantzstudent
Hairston stamp company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. hairston's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. hairston's liability for stamp redemptions was $13,000,000 at december 31, 2016. additional information for 2017 is as follows. stamp service revenue from stamps sold to licensees $9,500,000 cost of redemptions (stamps sold prior to 1/1/17) 6,000,000 if all the stamps sold in 2017 were presented for redemption in 2018, the redemption cost would be $5,200,000. what amount should hairston report as a liability for stamp redemptions at december 31, 2017?
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