Corinth Company estimates its annual warranty expenses at 3% of annual net sales. The following data are available on December 31, 2020: Sales 5,050,000 Sales returns and allowances 50,000 Warranty expense, 2019 120,000 Actual warranty incurred and paid in years 2019 and 2020 are P90,000 and P110,000; respectively. How much is the estimated warranty liability to be reported on December 31, 2020?