Presented below are three independent situations. 1. Flounder Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Flounder's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Flounder's liability for stamp redemptions was $13,229,600 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees Cost of redemptions (stamps sold prior to 1/1/20) $9,576,200 6,296,500 If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5,575,000. What amount should Flounder report as a liability for stamp redemptions at December 31, 2020? Liability for stamp redemptions at December 31, 2020