Premiums. Regal Studios, in an effort to promote the release of their new movie "Ninjas from Space," began a national sales promotion campaign. Two coupons from specially marked boxes (one coupon in each box) of "Sugar Charms" cereal are redeemable for one ticket to the show. Tickets cost Regal P15 each. Regal estimates that 40 percent of the coupons will be redeemed. At the end of 2020, the following information is available: Boxes of cereal sold 640,000 Movie tickets purchased by Regal 140,000 Coupons redeemed 250,000 What is the estimated liability for premium claims outstanding at December 31, 2020? 5. Warranties. In the calendar year 2020, Golden Enterprises sold 4,000 units of its product for P10,000 each. The selling price included a one-year warranty on parts. It is expected that 3% of the units would be defective and that repair costs would average P1,500 per unit. In 2020, warranty contracts were honoured om 80 units of product for a total cost of P120,000. The Provision for Warranty account had a balance of P120,000 at January 1, 2020. What amount should Golden accrue on December 31, 2020 for estimated warranty costs?