Outwork Everyone Company reported the following unadjusted balances at year-end: Accounts Receivable, P8,000,000 Allowance for doubtful accounts, P16,000 Net credit sales, P7,500,000 The company estimates that 3% of the net credit sales would become uncollectible. What amount should be reported as doubtful accounts expense for the current year? a. P 240,000 b. P160,000 c. P 225,000 d. P224,000