Newell Company sold 600,000 boxes of pie mix for exist6,000,000 under a new sales promotional program. Each box contains one coupon, which when submitted with exist4.00, entitles the customer to a baking pan. Newell pays exist6.00 per pan and exist0.50 for handling and shipping, Newell estimates that 70% of the coupons will be redeemed even though only 250,000 coupons had been processed during 2015. What amount should Newell report as a liability for unredeemed coupons at December 31, 2015