The balance in Hill Co.'s accounts payable account at December 31, 2015 was P700,000 before any necessary year-end adjustments relating to the following:

• Goods were in transit to Hill from a vendor on December 31, 2015. The invoice cost wasP40,000. The goods were shipped f.o.b. shipping point on December 29, 2015 and were received on January 4, 2016.
• Goods shipped f.o.b. destination on December 21, 2015 from a vendor to Hill were received on January 6, 2016. The invoice cost was P25,000.
• On December 27, 2015, Hill wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2016.

In Hill's December 31, 2015 balance sheet, the accounts payable should be?