Dream Company had a P2,000,000 balance in accounts receivable on January 1. The balance in allowance for bad debts on January 1 was P390,000. Sales for the year totaled P8,950,000. 90% of gross sales were credit sales. Bad debt expense is estimated to be 3% of credit sales. Writeoffs of uncollectible accounts for the year were P540,000. Accounts of P7,790,000 were collected from customers. All receivables are trade receivables. How much is the debit balance in accounts receivable on December 31, 2020?