Under ABC Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended DECEMBER 31, 2020 is as follows: prepaid insurance, beg. is...

Under ABC Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended DECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000; renewal of insurance charged to expense during the year applicable for the period April 1, 2020 - 2021 is P500,000. What is the insurance expense using the accrual basis accounting? *