Rhianna Inc. launched a new sales promotional program. For every 10 product box tops returned to the company, customer receives an attractive prize. The company estimates that only 60% of the product box tops reaching the customer market will be redeemed. Additional information is as follows: Units Amounts Sales of products {in 2,000,000 P90,000,000 boxes) Purchase of premiums 100,000 800,000 (prizes) Premiums distributed 82,000 to the customers Questions: 1 . What is the estimated premium liability at the end of the accounting period? 2. What is the balance of the premiums at the end of the accounting period