Current Attempt in Progress Bonita Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Bonita's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Bonita's liability for stamp redemptions was $7490000 at December 31, 2020. Additional information for 2021 is as follows: $6000000 Stamp service revenue from stamps sold to licensees Cost of redemptions 4970000 If all the stamps sold in 2021 were presented for redemption in 2022, the redemption cost would be $4500000. What amount should Bonita report as a liability for stamp redemptions at December 31, 2021? $12460000. O $7020000. O $6120000. $8520000