Clark Co. allowance for doubtful accounts had a credit balance of P12,000 at January 1, 2015. Clark accrues doubtful account expense at 4% of outstanding accounts receivable of P1,500,000. Uncollectible accounts amounting to P48,000 were written off. The aging of accounts receivable indicated that P50,000 allowance for doubtful accounts was required at December 31, 2015.