Seiko Company reported the following balances after adjustment at the end of 2011 and 2010 Accounts receivable 12/31/211 12/31/2010 Gross value 5,250,000 4,800,000 Net value (after allowance for doubtful accounts) 5,100,000 4,725,000 During 2011, Seiko wrote off accounts totalling P160,000 and collected P40,000 on accounts written off in previous years. What amount should be recognized as doubtful accounts expense for the year ended December 31, 2011?