Items 17-20: The January 1, 2011 statement of financial position of PRELIM, Inc. shows the following balances: Accounts receivable Allowance for doubtful accounts Additional information for 2011 follows: P 2,000,000 100,000 A. Cash sales of the company amount to P800,000 representing 10% of gross sales. B. 90% of the credit sales customers do not take advantage of the 5/10, n/30 credit terms. C. Customers who did not take advantage of the discount paid P5,940,000. D. It is expected that cash discounts of P10,000 will be taken on accounts receivable outstanding at December 31, 2011. E. Sales returns in 2011 amounted to P80,000. All returns were from charge sales. F. During 2011, accounts totaling P60,000 were written off as uncollectible. Recoveries during the year amounted to P10,000. This amount is not included in the foregoing collections. G. The allowance for doubtful accounts is adjusted so that it represents a certain percentage of the outstanding receivable at year-end. Based on the above and the result of your audit, answer the following questions: 17. The accounts receivable as of December 31, 2011 is: 18. The allowance for doubtful accounts as of December 31, 2011 is: 19. What is the net realizable value of PRELIM, Inc.'s accounts receivable on December 31, 2011? 20. What is the doubtful accounts expense for 2011?