Tara Company provided the following information pertaining to accounts receivable at year-end:

Problem 4 Tara Company provided the following information pertaining to accounts receivable at year-end: Days Estimated Estimated Outstanding Amount uncollectible 0 - 60 1,200,000 1% 61 - 120 900,000 2% Over 120 1,000,000 60,000 During the current year, the entity wrote off P70,000 in accounts receivable and recovered P40,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P100,000. Under the aging method, what amount of allowance for uncollectible accounts should be reported at year-end