3. Van Department Store grants loyalty awards to its customers. For every 2 points P500 purchase made by the customer, the customer receives a credit of 10 points equivalent to P10. The accumulated points may be used by the customer as part or full payment for merchandise purchased in the future. During the year 2019, the company made sales aggregating P5,000,000 on which 100,000 points were awarded to customers. Of the P5,000,000, 2% was considered to be allocable to the customer loyalty awards. During the same year, 25,000 points were redeemed, and at December 31, 2019, it was expected that a total of 90,000 points would be redeemed relating to 2019 sales. During 2020, an additional 35,000 points awarded in 2019 were redeemed and Van Department Store revised its estimate of total redemption for points granted in 2019 at 95,000 points. How much revenue is to be recognized as a result of reward points in year 2019? Round your answer to the nearest whole number. Your answer 4. Refer to the preceding problem. How much liability is to be presented in 2 points the statement of financial position relating to customer loyalty awards at December 31, 2020? Round your answer to the nearest whole number.* Your