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Presented below are three independent situations.
Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold tolicensees. Hairston's past experience indicates that only 80% ofthe stamps sold to licensees will be redeemed. Hairston's liability for stamp redemptions was $13,000,000 at December 31, 2006. Additional information for 2007 is as follows.
Stamp service revenue from stamps sold to licensees $9,500,000
Cost of redemptions (stamps sold prior to 1/1/07)6,000,000
If all the stamps sold in 2007 were presented for redemptionin 2008, the redemption cost would be $5,200,000. What amount should Hairston report as a liability for stamp redemptions atDecember 31, 2007?
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