Cole Corp.'s accounts payable at December 31, 2015, totaled P800,000 before any

necessary year-end adjustments relating to the following transactions:

On December 27, 2015, Cole wrote and recorded checks to creditors totaling

P350,000 causing an overdraft of P100,000 in Cole 's bank account at December

31, 2015. The checks were mailed out on January 10, 2016.

On December 28, 2015, Cole purchased and received goods for P150,000, terms

2/10, n/30. Cole records purchases and accounts payable at net amounts. The

invoice was recorded and paid January 3, 2016.

Goods shipped f.o.b. destination on December 20, 2015 from a vendor to Cole

were received January 2, 2016. The invoice cost was P65,000.

At December 31, 2015, what amount should Cole report as total

accounts payable?