A company sells washing machines that carry a three-year warranty against manufacturer's defects. Based on company experience, warranty costs were estimated at P300 per machine. During 2021, Bill sold 24,000 washing machines and paid warranty costs of P1,700,000. In its profit or loss statement for the year ended December 31, 2021, the company should report warranty expense of Question 58 2 pts A company sells 3-year service contracts for air conditioning units for P1,500 each. Sales of service contracts and repairs are made evenly throughout each year. The company estimates that 15% of repairs are done in the first year from the date of sale, 35% in the second year and 50% in the third year. Service contracts sold in 2021, 2022 and 2023 were 1,400, 1,820 and 1,650, respectively. How much revenue from service contracts is recognized in 2022