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How much is the balance of liability for gift certificate

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Question - Sodexo Department store sells gift certificated, redeemable for store merchandise that expires one year after their issuance. Sodexo has the following information pertaining to its gift certificate sales and redemptions:

Liability for Gift Certificates Outstanding at Dec. 31, 2021 P 400,000

2022 Sales 1,500,000

2022 redemptions of prior-year's sales 150,000

2022 redemptions of current-year's sales 1,250,000

Required - How much is the balance of liability for gift certificate at the end of 2022?

Reference no: EM133168442

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