Rain Cosmetic Company sell its products to customers on a credit basis. An adjusting entry for bad debts expense is recorded only at December 31. The 20x7 statement of financial position disclosed Accounts receivable, net of P60,000 allowance for uncollectible, P864,000. During 20x8, credit sales were P3,500,000, cash collections from customers, P3,544,000 and P70,000 in accounts receivable written off. In addition, P6,000 was collected from customer whose account was written-off in 20x7. A review of accounts receivable for uncollectible amounts at December 31, 20x8, reveals the following: Age % of Year-end receivables % of uncollectible 0-60 days 65% 4% 61-90 days 20% 15% 91-120 days 10% 25% Over 120 days 5% 40% What is the amortized cost of the receivable on December 31, 20x8? A. P715,200 B. P719,200 C. P797,000 D. P800,000

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