A firm has the following balance sheet:

Cash P10,000,000

Accounts receivable 10,000,000

Inventories 10,000,000

Fixed assets 90,000,000

Total assets P120,000,000

Accounts payable P10,000,000

Notes payable 20,000,000

Long-term debt 40,000,000

Common stock 40,000,000

Retained earnings 10,000,000

Total liabilities and equity P120,000,000

Fixed assets are being used at 80 percent of capacity; sales for the year just ended were P200M; sales will increase P10M per year for the next 4 years; the profit margin is 5 percent; and the dividend payout ratio is 60 percent. Assume that underutilized fixed assets cannot be sold. What are the total external financing requirements for the entire 4 years, that is, the total AFN for the 4-year period?

Group of answer choices

-P 0.80 (surplus)

P 4.00

-P14.00 (surplus)

P 2.00