Mileena Company pays all salaried employees on a bi-weekly basis. Overtime pay, however, is paid in the next bi-weekly period. The entity accrues salaries expenses only at the December 31 yearend. Data relating to salaries earned in December 2020 are as follows:

• Last payroll was paid on December 26, 2020 for the 2-week period ended December 26, 2020
• Overtime pay earned for the 2-week period ended December 26, 2020 was P420,000
• Remaining work-days in 2020 were December 29, 30 and 31 on which days there was no overtime
• The recurring bi-weekly salaries totaled P7,500,000.

Assuming a 5-day work week, what amount should be recorded as accrued salaries expense on December 31, 2020?