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Question - Alfred company operates in an industry that has a high rate of bad debts. On December 31, 2015, the accounts receivable balance was P8,000,000 and the allowance for doubtful accounts on January 1, 2015 was 1,000,000. The year-end balance reported for the allowance for doubtful accounts is based on the following schedule:
Time Outstanding
Accounts receivable
Percent uncollectible
Under 30 days
5,000,000
10%
31- 80 days
1,500,000
20%
181- 360 days
1,000,000
50%
More than one year
500,000
100%
During the year, accounts of P400,000 were written off and recoveries of previously written off accounts totaled 100,000. What amount should be reported as doubtful accounts expense for 2015?
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