Bacolod Company inaugurated a sales promotional campaign on August 31, 2020 in its desire to improve sales. Bacolod Company placed a coupon redeemable in each ream of bond papers sold. Each premium costs Bacolod Company P20 and five coupons must be presented by a customer to receive a premium. Bacolod Company estimated that only 75% of the coupons issued would be redeemed. For the four months ended December 31, 2020, the following information is available (no. of units): Reams of bond paper sold, 400,000 Premiums purchased, 30,000 Coupons redeemed, 100,000 How much is the estimated liability for premium claims outstanding at December 31, 2020