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During 2024, Deluxe Leather Goods issued 717,000 coupons which entitles the customer to a $5.50 cash refund when the coupon is submitted at the time

During 2024, Deluxe Leather Goods issued 717,000 coupons which entitles the customer to a $5.50 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 74% of the coupons will be redeemed. 283,000 coupons had been processed during 2024. Deluxe recognizes coupon expense in the period coupons are issued. 


At December 31, 2024, what amount Deluxe should report as a liability for unredeemed coupons?

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