On the onset of 2021, Anderson Co. started a promotion program to boost the sales of its products home appliances. The promotion program gives the customer one coupon for every P1,000 of the product sold. Forty coupons plus P300 allow the customer to receive a customized set of kitchen utensils. The utensils are delivered to the customer three days after the receipt of the coupons. The manufacturer of the kitchen utensils have agreed to deliver the utensils to the customers. Each set of kitchen utensils is priced at P3,000, and the delivery charge is P100. Anderson estimates that only 60% of the coupons given will be redeemed. Anderson also guarantees the quality of its products, and gives the customers a one-year warranty for all of the products it sells. From past experience, the estimated warranty cost per appliance is summarized below: Warranty Product cost/unit Refrigerator P3,000 Television Washing machine 5,000 4,000 Anderson estimates that 25% of the products sold will need repairs. Estimated warranty liability at the end of 2020 was P300,000. Pertinent information regarding the entity's revenues in 2021 and 2022 is summarized below: Product Refrigerator Television Washing machine Selling price/unit Units sold 2021 2022 P20,000 40,000 400 560 300 420 30,000 180 240 Anderson purchased 400 and 550 sets of kitchen utensils in 2021 and 2022, respectively. 14,000 coupons were redeemed in 2021, and 22,000 in 2022. Actual warranty costs in 2021 and 2022 were P900,000 and P1,200,000, respectively. For the years 2021 and 2022, determine the balances of the following: 1. Sales 2. Promotions expense 3. Liability for promotions expense, December 31 4. Warranty expense 5. Estimated warranty liability, December 31