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How much is the liability for service contracts on december

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Question - Pistons company sells portable DVD players for P28,000 each and offers to each customer a 3-year service contract for an additional P3,000. During 2023, the company sold 800 DVD players and 500 service contracts for cash. Expenses related to the service contracts for 2023 amounted to P90,000. Past records of the company indicate that the pattern of repairs has been 50% in the year of sale, 30% in the second year, and 20% in the third year. Sales of the contract are made evenly during the year. How much is the liability for service contracts on December 31, 2023?

Reference no: EM133165745

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