After reading a newspaper report suggesting that drunken dri…

After reading a newspaper report suggesting that drunken driving might have contributed to a recent auto accident, several people who actually witnessed the accident began to remember the driver involved as traveling more recklessly than was actually the case. This provides an example of

Yummy Rice Cereal started a program at the beginning of 2021…

Yummy Rice Cereal started a program at the beginning of 2021 in which it would provide an all-star bowl in exchange for three proof-of-purchase box tops and $1 in cash. Yummy Rice estimates that 30% of box tops will be redeemed. The bowls cost Yummy Rice $2 each. In 2021, 5,000,000 boxes of cereal were sold. By year-end 900,000 box tops had been redeemed.Required:1. Calculate the coupon/promotion expense that Yummy Rice should recognize for the year ended December 31, 2021 and record the entry. 2. Show the entry Yummy would record when the 900,000 box-tops are redeemed.   3. After the redemption, what is the balance in the liability account related to the coupons?