Regasco Gas Co. grants its customers one reward point per P100 sales. Each point is equivalent to P1. The points accumulated may be used as payment for gas purchased. During the year 2022, the company's sales amounts to P8,000,000. Of the 8,000,000 sales, 8% is considered as allocable to customer loyalty awards. It is expected that 50,000 points will be redeemed. But at the end of 2022, only 35,000 points was redeemed. How much is the liability for loyalty awards to be presented in the balance sheet for the year 2022