ABC Council provides financial support to a number of independent fine-art projects in the city. Data concerning several events in 2022 are as follows: A fund-raising drive yielded P250.000 in cash and P50,000 in pledges. Based on past experience, it was estimated that 10% of the pledges are estimated to be uncollectible. Art fair yielded P500.000 in gross revenue. The cost of the fair amounted to P80.000. - P40,000 of the pledges received were collected during the year. The following expenses were paid: salaries of trustees - P100,000: rent expense - P30,000 other expenses - P10,000 How much is the excess of revenues over expenses of the council for the year