ABC Company sells gift certificates which can be use to purchasetheir merchandise. The gift certificates have an expiration date of3 years from the date of issuance. Upon redemption or expiration,ABC recognizes the unearned revenue as realized. Some data are asfollows: Unearned revenue from gift certificates outstanding,January 1 - P 500,000 Gift certificates sold during 2019 - P400,000 The Unearned revenue from gift certificates outstanding hasdecreased by P 200,000 during the year. The gift certificatesredeemed during the year was twice the value of the giftcertificates expired for the year 2019.The gross profit rate basedon sales is 30%. How much revenue must be recognized related to thegift certificates redeemed during the year 2019?