Use the scenario below for all five questions. ELAY Company's accounting records disclose the following: Accounts receivable, Jan. 1, 2018 Allowance for credit loss, Jan. 1, 2018 (credit) Sales for the year Collections from customers during the year P 1,500,000 80,000 15,000,000 13,080,000 The following additional information was also obtained: 1. Included in the amount collected from customers was the recovery of P 30,000 receivable from a customer whose account had been charged off as worthless in the prior year. 2. Elay Company determined that its receivable from a customer of P 150,000 will not be collected, and management authorized its write-off. 3. A customer settled its account on December 2, 2018 by issuing a 12%, 6-month note for P600,000. 4. The Accounts Receivable balance on December 31, 2018 includes P900,000 past due accounts. 5. The entity estimated that 20% of past due accounts will not be collected and that the probable loss on current accounts is 5%