The following information relates to Puregold Price Club Inc. (PPCI) for the year 2022. PPCI has a pricing policy that allows 30% profit on the sales price. Unearned Revenue from Gift Certificates Outstanding, January 01, 2022 - P250,000 Gift certificates sold during the year - P900,000 Gift certificates issued relating to sales promotion during the year - P100,000 Gift certificates redeemed during the year - P900,000 Gift certificates relating to the entity’s promotion that expired during the year - P12,500 Additional outstanding gift certificates expected to expire in 2022 - P6,000 How much is the unearned revenue from gift certificates outstanding at December 31, 2022

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