A director of Mirabel Company shall receive a retirement benefit of 10% of the final salary per annum for a contractual period of three years. The director does not contribute to the scheme. The...

A director of Mirabel Company shall receive a retirement benefit of 10% of the final salary per annum for a contractual period of three years. The director does not contribute to the scheme. The anticipated salary over three years is P1,200,000 for 2019, P1,000,000 for 2020 and P1,400,000 for 2021. The discount rate is 5%. Using the projected unit credit method, what is the estimated pension liability on December 31, 2020?