The ff. information pertains to Luffy Company's accounts receivable on December 31, 2020:

Days Estimated Estimated

Outstanding Amount uncollectible

0-60 1, 200,000 1%

61-120 900, 000 2%

Over 120 1, 000,000 60, 000

3, 100,000

During 2020, Luffy wrote off P70, 000 in accounts receivable and recovered P40, 000 that had been written off in prior years. Luffy's January 1, 2020, allowance for uncollectible accounts was P100, 000.

Under the aging method, what amount of allowance for uncollectible accounts should Luffy report on December 31, 2020?