Determine the amount of liability at December 31, 2016 for each of the following independent cases:

Pacers Company sells its products in expensive reusable containers. The customer is charged a deposit for each container delivered and received a refund for each container returned within two years after the year of delivery. Pacers Company accounts for the containers not returned within the time limit as being sold at the deposit amount.

Information for 2016 is as follows:

Containers held by customers at December 31, 2016 from deliveries in 2014 - P310, 000;2015 - P500, 000;2016 - P850,000

Deposits distributed for containers returned from deliveries in

2014 -* P280.000;2015 - P390, 000;2016 - P590, 000