Maganium Company began the current year with the following:

Accounts Receivable 1,100,000

Allowance for doubtful accounts 80,000

During the current year, the following events occured:

Accounts written off 120,000

cash sales 500,000

sales on account 3,000,000

bad debt expense recognized 200,000

At the end of the current year, the entiry showed a balance in accounts receivable of P1,380,000 before the allowance for doubtful accounts. Under the cash basis, what amount should be prepared as sales for the current year