At the beginning of July, MedLab Inc. assigned P2,000,000 out of its P10,000,000 outstanding accounts reccivable to BPI in consideration of a P1,400,000, 12% loan. BPI charged the company 5% of the...

How much is the remittance of MedLab Inc. to the bank by the end of September?

Extracted text: At the beginning of July, MedLab Inc. assigned P2,000,000 out of its P10,000,000 outstanding accounts reccivable to BPI in consideration of a P1,400,000, 12% loan. BPI charged the company 5% of the loan principal as servicc charge. By thc end of July, MedLab collected P600,000 cash from the assigned accounts net of a P50,000 sales discount. Also, by the end of July, the company accepted a customer return of merchandisc amounting to P60,000. By the end of August, MedLab collected another P700,000 from the assigned accounts after P40,000 sales discount. The company also wrote-off P80,000 as worthless accounts by the end of August. By the end of September, MedLab collected another P300,000 without sales discounts. The agreement with the bank provides a monthly remittance from customer collections and it will cover both the principal and interest.