The following are three independent situations. 1. Crane Rewards Inc. provides rewards services to licensees. Crane records service revenue related to rewards (granted as reward vouchers, which can be redeemed at a variety of retailers) and recognizes the cost of redemptions in the year vouchers are sold to licensees. Crane's past experience indicates that only 80% of the vouchers sold to licensees will be redeemed. Crane's liability for stamp redemptions was $11,813,200 at December 31, 2024. Additional information for 2025 is as follows. $8,637,600 Service revenue from vouchers sold to licensees Cost of redemptions (vouchers sold prior to 1/1/25) 6,083,400 If all the vouchers sold in 2025 were presented for redemption in 2026, the redemption cost would be $5,719,400. What amount should Crane report as a liability for voucher redemptions at December 31, 2025? Liability for stamp redemptions at December 31, 2025 $ 2. In packages of its products, Cheyenne Inc. includes coupons that may be presented at retail stores to obtain discounts on other Cheyenne products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. Cheyenne honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Cheyenne estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Cheyenne during 2025 is as follows. Cheyenne honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Cheyenne estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Cheyenne during 2025 is as follows. Consumer expiration date Total face amount of coupons issued 12/31/25 $758,500 Total payments to retailers as of 12/31/25 331,060 What amount should Cheyenne report as a liability for unredeemed coupons at December 31, 2025? Liability for unredeemed coupons 3. Ayayal Company sold 689,500 boxes of pie mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.20, entitles the customer to a baking pan. Ayayai pays $6.20 per pan and $0.70 for handling and shipping. Ayayal estimates that 70% of the coupons will be redeemed, even though only 269.300 coupons had been processed during 2025. What amount should Ayayai report as a liability for unredeemed coupons at December 31, 2025? Liability for unredeemed coupons at December 31, 2025 $