During the year, FNE Inc. sold gift certificates worth 4,000,000 of which 2,160,000 were redeemed. Local regulation requires that gift certificates do not expire but FNE Inc. experience that 10% of...

During the year, FNE Inc. sold gift certificates worth 4,000,000 of which 2,160,000 were redeemed. Local regulation requires that gift certificates do not expire but FNE Inc. experience that 10% of the gift certificates sold are not redeemed. What is the amount of liabilities related to this gift certificates as of December 31 year ended?