On October 31, 2017,ABC Company engaged in the following transactions:

Obtained a P500, 000, six-month loan from City Bank, discounted at 12%. The company pledged P500, 000 of accounts receivable as a security for the loan.

Factored P1,000,000 of accounts receivable without recourse on a non-notification basis with H Company. Help charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored.

What is the total cash received from the financing of receivables?

a. P1, 320,000

b. Answer not given

c. P1, 380,000

d. P1, 350,000

e. 1, 470,000