5. Laparo, Sagpa and Nawong Company enters into 50 contracts with customers- Wally Batasan, Marga Baan, Rekka Mador, Maldi Tan & Caribel Lo and Brenda Mange. Each contract includes the sale of one product for P120,000. The cost to Laparo, Sagpa and Nawong of each product is P48,000. Cash is received upfront and control of the product transfers on delivery. Customers can return the product within 30 days to receive a full refund. Laparo, Sagpa and Nawong can sell the returned products at a profit. They have significant experience in estimating returns for this product. It estimates that 48 products will not be returned. a. What is the amount of revenue to be recognized? b. What is the refund liability to be recognized?