Huron Corporation generated total sales of P10,000,000 during the year with 80% representing credit sales. Huron assumes that 2% of its credit sales are potentially uncollectible. As of year-end, Huron prepared the aging of its accounts receivable with the corresponding probability of collection as shown below. Days outstanding Amount Less than 16 P450,000 16 to 30 Probability of collection 99% 150,000 94% 31 to 45 75,000 80% 46 to 60 45,000 65% 61 to 75 15,000 Over 75 15,000 50% 0% Assuming the company records bad debts expense based on the aging of accounts receivable, what amount should be recorded as bad debts expense for the year