As of January 1, the Freedom Sales Company had an account receivable of Php 500,000. The sales for January, February, and March were as follows: Php 1,200,000.00; Php 1,400,00.00 and Php 1,500,000.00 respectively. Of each months sales, 80% is on account. 60% of account sales is collected in the month of sale, while the remaining 40% is collected in the following month.

What is the estimated accounts receivable balance on March 31?