on Contracts with Customers - 5 Step process and Other issues Problem 1 - Warranties On January 1, 2025, LG Manufacturing is running a special promotion on its Smart TV set. LG sold the Smart TV set for P150,000. Customer will receive a 24-month extended warranty. The same 24-month extended warranty can be purchased from the manufacturer for P10,000. The standalone selling price of the Smart TV is P150,000. Questions: 1. How much is the contract price is allocated to TV SET? 2. How much of the contract price is allocated to the warranty as separate obligation? 3. How much revenue shall be recognized in 2025? 4. How much revenue shall be recognized in 2026? 5. How much warranty expense shall be recognized on January 1, 2025? 6. Assuming that on June 30, 2025, actual repair of TV incurred by LG amounted to P12,000. How much warranty expense and revenue shall be recognized in 2025