During 2022, ABC Company introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to peso sales are 4% within 12 months following sale and 6% in the second 12 months following sale. The company reported sales of P10,000,000 for 2022 and P12,000,000 for 2023. The actual expenditures for warranties amounted to P300,000 for 2022 and P1,100,000 for 2023. What is the estimated warranty liability on Dec. 31, 2023?

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