Ross Company pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, 2022 was for the week ended December 25, 2022. The payroll for the week ended Friday, January 1, 2023 included regular weekly salaries of P80,000 and vacation pay of P25,000 for vacation time earned in 2022 but not taken by December 31, 2022. Ross had accrued a liability of P20,000 for vacation pay at December 31, 2021. In its December 31, 2022 statement of financial position, what amount should Ross report as accrued salary and vacation pay?

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