XYZ Inc. has the following information for the year 2020: Sales (80 % credit) P 1,500,000 A/R- Jan. 1 200,000 A/R- Dec. 31 250,000 Accounts written off during 2020 20,000 Sales returns and allowances amounted to 2% of credit sales. During the year, P5,000 of the accounts written off is collected. The company uses 5% of outstanding accounts receivable in estimating bad debts which is accounted for under the allowance method. How much is the bad debts expense recognized in 2020? XYZ Inc. has the following information for the year 2020: Sales (80 % credit) P 1,500,000 A/R- Jan. 1 200,000 A/R- Dec. 31 250,000 Accounts written off during 2020 20,000 Sales returns and allowances amounted to 2% of credit sales. During the year, P5,000 of the accounts written off is collected. The company uses 5% of outstanding accounts receivable in estimating bad debts which is accounted for under the allowance method. How much is the bad debts expense recognized in 2020