The financial statements of Anne Company included in the following information for 2020:

January 1 December 31

Accounts receivable 1,200,000

Allowance for doubtful accounts 60,000

Sales 8,000.000

Cash collected from customers 7,000,000

The cash collections included a recovery of P10,000 from a customer whose account had been written off as worthless in 2019. During 2020, it was necessary to recognized doubtful accounts expense of P100,000 and write off worthless customers' accounts P30,000. On December 1, 2020 a customer settled an account by issuing a 12%, six-month note for P400,000.

What is the net realizable value of accounts receivable on December 31,2020?