1. Skysong Rewards Inc. provides rewards services to licensees. Skysong records service revenue related to rewards (granted as reward vouchers, which can be redeemed at a variety of retailers) and recognizes the cost of redemptions in the year vouchers are sold to licensees. Skysong's past experience indicates that only 80% of the vouchers sold to licensees will be redeemed. Skysong's liability for stamp redemptions was $13,362,500 at December 31, 2024. Additional information for 2025 is as follows. If all the vouchers sold in 2025 were presented for redemption in 2026 , the redemption cost wouldbe $5,156,100. What amount should Skysong report as a liability for voucher redemptions at December 31,2025 ? Liability for stamp redemptions at December 31,2025 \$