On the first day of each month, Bell Company received from Kaye Company an escrow deposit of P375,000 for real estate taxes. The entity recorded the P375,000 in an escrow account. Kaye's 2020 real estate tax is P4,200,000, payable in equal instalments on the first day of each calendar quarter. On January 1, 2020, the balance in the escrow account was P450,000. On September 30, 2020, what amount should be reported as an escrow liability?

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