The balance in Denver Companys accounts payable account at December 31, 2019 was P1,100,000 before any adjustments relating to the following:

Goods were in transit to Denver Company on December 31, 2019. The invoice cost was P150,000, FOB shipping point on December 29, 2019. The goods were received on January 2, 2020.

Goods shipped FOB shipping point on December 20, 2019 from a vendor to Denver Company, were lost in transit. The invoice cost was P100,000. On January 5, 2020, Denver Company filed an P100,000 claim against the common carrier.

Goods shipped FOB destination on December 21, 2019, from a vendor to Denver Company, were received on January 6, 2020. The invoice cost was P195,000.

On December 28, 2019, Denver Company wrote and recorded checks totaling P70,000 which were mailed on January 8, 2020.

QUESTION:

The amount that Denver Company report as accounts payable on its December 31, 2019 balance sheet is