Problem 2 New Corp., which has started operations in the current year, has the following data relating to its accounts receivable for the year ended December 31, 2017: Cash sales P1,000,000 Credit sales 5,000,000 Collection on credit sales 3,000,000 Sales returns and allowances on credit sales 100,000 Accounts written off 20,000 Allowance for doubtful accounts, 12/31 (5% of accounts receivable) Allowance for sales discounts, 12/31 10,000 Alowance for sales returns, 12/31 15,000 Allowance for freight 3,000 What is the net realizable value of the account receivable on December 31