Yummy Rice Cereal offers an all-star bowl in exchange for four proof-of-purchase box tops. Yummy Rice estimates that 40% of box tops will be redeemed. The bowls cost Yummy Rice $1.80 each. In 2018, 4,280,000 boxes of cereal were sold. By year-end 882,000 box tops had been redeemed. Required: Calculate the liability that Yummy Rice should report at December 31, 2018.