Georgia Company sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, and three-year period. Cash receipts from contracts are credited to Unearned Service Contract Revenue. This account had a balance of P720,000 at December 31, 2020 before year-end adjustment. Service contract costs are charged as incurred to the Service Contract Expense account which had a balance of P180,000 at December 31, 2020. Outstanding service contracts at December 31, 2020 expire as follows:

During 2020 P395,000

During 2021 225,000

During 2022 100,000

What amount should be reported as Unearned Service Contract Revenue in the company's December 31, 2020 Statement of Financial Position?