B. XYZ Company's accounts receivable balance at January 1, 2020 was P1,450,000 net of allowances totaling P75,000. During 2020, XYZ Company reported sales of P5,200,000. 15% of sales in 2020 were cash sales and the rest were on account under a 3/10,n/30 credit term. Sales returns amounted to P80,000 for cash sales in which the customers were refunded and P95,000 for credit sales. Total debit to cash during the period P5,740,000 which recoveries of previously written-off accounts totaling P110,000. 40% of the collections from its current customers were made within the discount period. Receivables written off in 2020, P90,000. The gross accounts receivable of XYZ Company at December 31, 2020 is