On march 31, 2019, the federal unemployment tax payable account in the general ledger of the argosy company showed a balance of $1,492. this represents the futa tax owed for the first quarter of the year. on april 30, 2019, the firm issued a check to deposit the amount owed in the first security national bank. record this transaction in general journal form.

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?