Reference no: EM132568147
ABC Corporation had the following information relating to its accounts receivable"
Accounts receivable, December 31, 2016 P1,950,000
Credit sales for 2017 P8,100,000
Collections from customers for 2017 P7,125,000
Accounts written off, August 30, 2017 P187,500
Estimated uncollectible receivables per aging of receivables, December 31, 2017 P247,500
Question 1: In the December 31, 2017, statement of financial position, what is the amortized cost of the receivable?
Option 1: P2,490,000
Option 2: P2,775,000
Option 3: P2,737,500
Option 4: P2,925,000
Option 5: Answer not given
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