Camacho Trading Stamp Co. records stamp service revenue and provides for the Cost of redemptions in the year stamps are sold to licensees. Camacho's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Camacho's liability for stamp redemptions was $7, 500,000 at December 31, 2015. Additional information for 2016 is as follows: Stamp service revenue from stamps sold to licensees $5,000,000 Cost of redemptions $3, 400,000 If all the stamps sold in 2015 were presented for redemption in 2016, the redemption cost would be $2, 500,000. What amount should Camacho report as a liability for stamp redemptions at December 31, 2016?. $9, 100,000. $6, 600,000. $6, 100,000. $4, 100,000. Use the following information for questions 7 and 8 On January 1, 2016, Daley Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6% 627 Present value of 1 for 8 periods at 8% 540 Present value of 1 for 16 periods at 3% 623 Present value of 1 for 16 periods at 4% 534 Present value of annuity for 8 periods at 6% 6.210 Present value of annuity for 8 periods at 8% 5.747 Present value of annuity for 16 periods at 3% Present value of annuity for 16 periods at 4% 11.652