A Corporation received a promissory note denominated in foreign currency from the sales made to a Singaporean customer. The following were the related transactions: (in Singapore Dollars). On December 1, A Corporation sold merchandise to a Singaporean customer for 60-day, 12% promissory note for $32,000, at a buying rate of $1 to P34.20. On December 31, the buying spot rate is $1 to P34.85. On January 30, the buying spot rate is $1 to P33.75. How much is the total notes receivable" to be recorded in the Dec. 31, financial position?

Select one:

P1,126,352

P1,115,200

P1,094,400

P918.22