1.At the end of its first year of operations, December 31, 2017, ABC Company had accounts receivable of P500,000 which were net of related allowance for doubtful accounts. During 2017, ABC recorded charges to bad debts expense of P80,000 and wrote off uncollectible accounts receivable of P20,000.

How much should ABC Company report in its December 31, 2017 balance sheet as accounts receivable before the allowance for doubtful accounts?