Good morning tutor. Can you help me with these problem? The subject is Financial Accounting and Reporting.

Instruction: Read and Answer the following questions, provide also the solution and detailed explanation on how you come up with the answer.

Joseph Company assigned an accounts receivable to a bank in the amount of P1,000,000 on October 1, 20x1, as security for a loan of P800,000. The bank charged a 3% commission on the accounts. The interest rate on the note is 12%.

Joseph collected P300,000 on assigned accounts after deducting P50,000 of discounts during the month. Moreover, Joseph wrote off a P53,000 assigned account. Joseph paid to the bank the amount collected plus one (1) month's interest on the note. On October 31, 20x1, Joseph estimated that 8% of the assigned accounts were doubtful in collection.

Questions:

1. How much is the doubtful expense to be recognized by Joseph Company for the above transaction?
2. What is Joseph Companys accounts receivable balance on October 31, 20x1?