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19) Chato Company sells electrical goods covered by a one-year warranty for any defects. Of the sales of P70,000,000 for the year, the entity estimated that 3% will have a major defect, 5% will have minor defect and 92% will have no defect. The cost of repair would be P5,000,000 if all the products sold had major defect and P3,000,000 if all had minor defect. What amount should be recognized as a warranty provision