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What amount should reyes corp report as a liability

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Question - Reyes Corp. sells its products in expensive containers. Customers are required to deposit a certain amount upon delivery of the products. Refund will be given to customers upon return of said containers within two years after the year of delivery. Deposits for the containers will be treated as sales if containers are not returned within the period mentioned. 2020 follows: Details for the year Deposits for returnable containers on December 31, 2019 from deliveries in:

2018 P300,000

2019 860000

Deposits for returnable 2020 P 1560000

Deposits containers delivered in for containers returned in 2020 from deliveries in:

2018 P180,000

2019 500000

2020 572000

Required - What amount should Reyes Corp. report as a liability for deposits on returnable containers at December 31, 2020?

Reference no: EM132639198

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