Ultrafast Inc. provided the following information for the current year:

Allowance for doubtful accounts Jan. 1 P300,000 Accounts written off as uncollectible 50,000 Recovery of accounts written off 20,000 Sales (10% represents cash sales) 10,000,000 Sales discounts 500,000 Sales returns and allowances 200,000

The entity recorded doubtful accounts expenses at the rate of 5% of net credit sales. What amount should be reported as allowance for doubtful accounts on December 31?