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Items #15-18 in 2020, ABC Company began selling new line of products that carry a two-year warranty against defects sales. Based upon past experience with other products, the entity estimated warranty costs as a percentage of peso First year of warranty Second year of warranty 2% 5% 2020 Sales 2021 1,500,000 Actual warranty cost 6,300,000 90,000 270,000 15. What is the warranty expense for 2020? a. 315,000 b. 90,000 C. 157,500 d. 135,000 16. What is the warranty liability on December 31, 2020? a. 135,000 b. 225,000 c. 112,500 d. 0 17. What is the warranty expense for 2021? a. 270,000 b. 315,000 C. 441,000 d. 126,000 18. What is the warranty liability on December 31, 2021? a. 351,000 b. 396,000 C. 441,000 d. 756,000 Item #19 An analysis of ABC Company's liabilities disclosed the following: Accounts payable after deducting debit balances in supplier's accounts amounting to P26,500 (accounts payable included non-trade liabilities of P32,500) P105,000 Accrued expenses 15,000 Credit balances of customers accounts 14,500 Stock dividends payable 75,000 Claims for increase in wages and allowances by employees of the company, covered in a pending lawsuit 135,000 Estimated liabilities for premiums 60,000 How much should be presented as total current liabilities in the statement of financial position? . P404,500 b. P221,000 C. P188,500 d. P323,500 Items #20-21 ABC Company sells electronic components with a two-year warranty. ABC estimates warranty costs as a percentage of peso sales as follows: First year of warranty -3%; Second year of warranty - 8%. Sales and actual repairs for 2019 and 2020 are Sales: 2019- P3,000,000 2020 - P5,700,000 Actual warranty repairs: 2019- P63,600 2020 - P221,400 20. What amount of warranty expense should be shown on ABC's 2020 profit or loss? a. P627,000 b. 957,000 C. 848,400 d. 405,600 21. What is the amount of liability for warranty to be reported in the ABC's statement of financial position on December 31, 2020? a. P672,000 b. P405,600 C. P735,600 d. P627,000 Item #22 ABC Inc. provides an incentive compensation plan under which its employees receive a bonus equal to 10% of the corporation's income after deduction of the bonus but before deducting income tax. If income before income tax and bonus is P2,030,000 and the tax rate is 32%, the amount of the bonus would be C. P203,000 d. P184,545 a . P143,000 b. P130,000 Item #23 During 2020, ABC Company became involved in a tax dispute with the BIR. At December 31, 2020, ABC' tax advisor believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was P3,750,000 but could be as much as P4,875,000. After the 2020 financial statements were issued, ABC received and accepted a BIR settlement offer of P4, 125,000. What amount of accrued liability would ABC have reported in its December 31, 2020 statement of financial position? a. 3,750,000 b. 4,875,000 c. 4,125,000 d. 4,312,500