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11. Problem 11 Comprehensive | Wade's Music Emporium carries a wide varety of music promotion techniques . warranties and premiums - to attract customers Musical instrument and sound equipment are sold in a one-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience, is 4% of sales. The premium is offered on the recorded and sheet music. Customers receive a coupon for two pesos spent on recorded music or sheet music. Customers may exchange 200 coupons and F20 for an AM/FM rado. Wade pays P34 for each radic and estimates that 90% of the coupons given to customers will be redeemed. Wade total sales for 2018 were P2,000,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during. 2018. A total of 6,500 AM/ FM radio used in the premium program was purchased during the year and there were 1,200,000 coupons redeemed in 2018. Page 3 of 4 | Intro on Liabilities Audit Workbook The accrual method is used by Wads to account for the warranty and premium costs for financial reporting purposes. The balance in the accounts related to warranties and premiums on January 1, 2018, was shown below: Inventory of Premium AM/FM radio P39,950 Estimated Premium Claims Oustanding 44.800 Estimated Liability from Warranties 136,000 Also on December 31, 2018, the estimated liability from warranties show P212,000 balance. Questions: (Please assume that the selling price of the recorded music and sheet music is an even number) Based on the above and the result of your audit, determine the amounts that will be shown on the 2018 financial statements for the following: 1. Sales from musical instrument and sound reproduction equipment 2. Warranty expense 3. Premium expense 4. hventory of AM/FM radio 5. Estimated I ability for premiums