During the year, L&M Leather Goods sold 1,160,000 reversible belts under a new sales promotional program. Each belt carried one rebate certificate which entitles the customer to a $4.70 cash refund when the rebate is submitted for redemption. L&M estimates that 76% of the rebates will be redeemed. 495,000 rebates had been submitted for redemption during the year. At December 31, L&M should report a liability for unredeemed rebate certificates of:
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