WX Company offers premiums as part of its sales promotion. WX's past experience indicates that only 80% of its sales are redeemed for premiums. WX's liability for premium on December 31, 2020, was 6,000,000. WX made total sales of P4,000,000 in 2021 and distributed premiums costing 2,750,000. If all the sales in 2021 were redeemed, the total cost of premiums would be 2,250,000. What amount should WX report as a liability for premiums on December 31, 2021?