The following accounts were taken from ABC Inc.'s statement of financial position at December 31, 2017:

Accounts receivable P4,100,000

Allowance for doubtful accounts 100,000

Net credit sales P7,500,000

If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017.

• P223,000,
• P123,000
• Answer not given
• P23,000
• P225,000