1. At December 31, 2021, ABC Company had 1,000 gift certificates outstanding, which had been sold to customers during 2022 for P750 each. ABC operates on a gross margin of 60%. How much revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2021? Supply the answer using the following format: P100,000 (IMPORTANT NOTE: Put a capital P before the number exactly as how it is illustrated. No space in between. There should be a comma if the amount falls in the thousand, or million mark. It should be rounded off to the nearest peso, in case of decimals.

2. ABC Company operates a retail store and must determine the proper Dec. 31, 2021 year-end accrual for the following expenses: 1. An electric bill of P8,500 covering the period Dec. 16, 2021 through Jan. 15, 2022 was received Jan. 22, 2022; 2. A P4,000 telephone bill was received Jan. 7, 2022 covering: - service in advance for January 2022, P1,500 - local and toll calls for Dec. 2021, P2,500 In its Dec. 31, 2021 balance sheet, ABC should report accrued liabilities of? Supply the answer using the following format:P100,000(IMPORTANT NOTE: Put a capital P before the number exactly as how it is illustrated. No space in between. There should be a comma if the amount falls in the thousand, or million mark. It should be rounded off to the nearest peso, in case of decimals.

3. During 2021, ABC Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contains one coupon, which when submitted with P40 entitles the customer to a baking pan. ABC pays P50 per pan and P5 for handling and shipping. ABC estimates that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during the year. What amount should ABC report as liability for unredeemed coupons at Dec. 31, 2021? Supply the answer using the following format:P100,000(IMPORTANT NOTE: Put a capital P before the number exactly as how it is illustrated. No space in between. There should be a comma if the amount falls in the thousand, or million mark. It should be rounded off to the nearest peso, in case of decimals.