Business, 05.05.2020 16:58 emmaja121003

Cracker Corporation began a special promotion in July 2016 in an attempt to increase sales. A coupon was included in various print advertisements. Customers could send in five coupons for a free prize. Each prize cost Cracker Corporation $2.00. Cracker's management estimated that 70% of the coupons would be redeemed. For the six months ended December 31, 2016, the following information is available

Coupons distributed 2,000,000
Prizes purchased 240,000
Coupons redeemed 560,000
Required:

Record all necessary journal entries for the premium offer for 2016.

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Cracker Corporation began a special promotion in July 2016 in an attempt to increase sales. A coupon...