Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-star bowl in exchange for two proof-of-purchase box tops. Yummy Rice estimates that 25% of box tops will be redeemed. The bowls cost Yummy Rice $1.55 each. In 2024, 4,880,000 boxes of cereal were sold. By year-end 897,000 box tops had been redeemed.

Required:

Calculate the premium expense that Yummy Rice should recognize for the year ended December 31, 2024.