General Product Inc. distributed 250 million coupons in 2021. The coupons are redeemable for 20 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 35 million coupons redeemed in 2021 and 22 million redeemed in 2022. General recognizes coupon expense in the period coupons are issued. What was General's coupon liability as of December 31, 2021? Multiple Choice $28.0 million. $7.0 million. $35.0 million $15.0 million