Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022:

Accounts receivable, January 1, 2022	P 480,000
Allowance for doubtful accounts, 1/1/22	28,600
Cash sales	300,000
Sales on account, terms: 2/10, 1/15, n/30	2,560,000
Cash received from customers during the year	2,400,000
Accounts written off during the year	17,600
Cash refunds given to cash customers for sales returns and allowances	15,000
Credit memoranda issued to credit customers for sales returns and allowances	25,000

The P2,400,000 collection is composed of the following:

Collection from customers availing the 10-day discount period:
Gross selling price	P 1,440,000
Discount taken (1,440,000 x 2%)	( 28,800)	P 1,411,200
Collection from customers availing the 15-day discount period:
Gross selling price	800,000
Discount taken (800,000 x 1%)	( 8,000)	792,000
Collection from customers paying beyond the discount period:		192,000
Collection of accounts previously written and subsequent recovered		4,800
Total collection of accounts receivable for 2022		P 2,400,000

Starboys year-end balance of allowance for doubtful accounts was estimated to be 5% of the outstanding accounts receivable as at December 31, 2022.

The allowance for doubtful accounts as of December 31, 2022 is