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From inception of operations, Paramount Company provided for uncollectible accounts receivable under the allowance method using the percentage of sales method. The balance in the allowance for doubtful accounts was P500,000 on January 1, 2020. During the current year, credit sales totaled P20,000,000, interim provisions for doubtful accounts were made at 2% of credit sales, P200,000 of bad debts were written off, and recoveries of accounts previously written off amounted to P50,000. The aging accounts receivable showed the following summary Classification Balance Collectible November to December 5,000,000 95% July to October 2,000,000 90% January to June 1,000,000 (75% Prior to January 1,2020 500,000 25% Based on the review of collectibility of the account balances in "prior to January 1, 2020" aging category, additional accounts totaling P100,000 are to be written off on December 31, 2020. Effective with the year ended December 31, 2020, the entity adopted the aging method for estimating the allowance for doubtful accounts Requirements: 1. What is the required allowance for doubtful accounts on December 31, 2020? 2. What amount should be reported as doubtful accounts expense? 3. What is the year-end adjustment to the allowance for doubtful accounts on December 31, 2020