At the end of its first year of operations, December 31, 2020, ASHOPEE Company had accounts receivable of P500,000, which were net of the related allowance for doubtful accounts. During 2020, ASHOPEErecorded charges to bad debts expense of P80,000 and wrote off uncollectible accounts receivable of P20,000. How much should ASHOPEE Company report in its December 31, 2020 balance sheet as accounts receivable before the allowance for doubtful accounts?

560,000

500,000

520,000

600,000