Carla Rewards Inc. provides rewards services to licensees. Carla 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. Carl's past experience indicates that only 80% of the vouchers sold to licenses will be redeemed. Carl's liability for stamp redemptions was $13,229,600 at December 31, 2024. Additional information for 2025 is as follows. Service revenue from vouchers sold to licenses $9,576,200 Cost of redemptions (vouchers sold prior to 1/1/2025) $6,296,500 If all the vouchers sold in 2025 were presented for redemption in 2026, the redemption cost would be $5,575,000. What amount should Carla report as a liability for voucher redemption at December 31, 2025? Liability for stamp redemptions at December 31, 2025