ROSE Corporation has a premiums payable balance of P242,000 on December 31, 2019, for a promotional program, the company has started in 2019. For every 5 product labels the customer surrenders plus P50, the customer receives a specially designed wall clock which the company purchases at a cost of P160/unit. Details about the said promotional program in 2019 and 2020 are as follows: 2019 2020 Sales in units 50,000 60,000 Premiums purchased in units 3,000 6,000 Inventory of premiums at the end of the year 1,200 2,100 ROSE estimates that from the labels issued with products sold, 40% shall be presented for the said promotional plan redemption.

1) What are the correct premiums payable as of December 31, 2020?

2) What is the expense of the correct premiums as of December 31, 2020?

3)What is the correct premiums inventory as of December 31, 2020?