General Product Inc. distributed 170 million coupons in 2021. The coupons are redeemable for 25 cents each. General anticipates that 80% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 42 million coupons redeemed in 2021 and 35 million redeemed in 2022. What was General's coupon liability as of December 31, 2021? a. $10.5 million b. $34.5 million c. $34.0 million d. $23.5 million

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