1.The financial statements of Anne Company included the following information for 2020:

January 1 December 31

Accounts receivable1,200,000

Allowance for doubtful accounts 60,000

Sales8,000,000

Cash collected from customers7,000,000

The cash collections included a recovery of P10,000 from a customer whose account had been written off as worthless in 2019. During 2020, it was necessary to recognized doubtful accounts expense of P100,000 and write off worthless customers' accounts P30,000. On December 1, 2020, a customer settled an account by issuing a 12%, six-month note for P400,000.

What is the net realizable value of accounts receivable on December 31, 2020?