Gruesome Company provided the following information for the current year:

Allowance for doubtful accounts on January 1 200,000

Credit sales 5,000,000

Accounts receivable deemed worthless and written off 300,000

As a result of a review and aging of accounts receivable, it has been determined that an

allowance for doubtful accounts of P400,000 is needed on December 31.

What amount should be recorded as doubtful accounts expense for the current- year?