Sheridan company offers its customers a pottery cereal bowl if they send in 3 boxtops from Sheridan Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2021, the company sold 1344000 boxes of Frosted Flakes and customers redeemed 630000 boxtops receiving 210000 bowls. If the bowls cost Sheridan Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2021
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