On May 1, 2024, Fusion Haircutting Chain began offering a reward system to increase haircut sales. Customers were offered a free cut in return for 30 punches on a card (customers receive one punch for each haircut purchased). This offer will expire at the end of next year. The cost of each haircut is $15 (primarily labor costs). Based on past experience, the company estimates that the redemption rate will be 60% of the punches. During 2024, Fusion performed 191,000 haircuts at $50 each. From the sales so far, cards with 3,000 punches were returned for redemption in 2024. What is the amount of contingent premium liability at the end of 2024