Amihan and Pirena formed a joint venture to acquire and sell a special type of merchandise. Amihan is to manage the venture and to furnish the capital. The participants are to share equally any gain or loss on the joint venture. On April 1, 2014, Pirena sent Amihan P20,000 cash, which was all used to purchase merchandise. Amihan paid freight of P480 on the merchandise purchased. On April 27, one half of the merchandise was sold for P14,400 cash. Amihan paid the cost of delivering merchandise to customers which amounted to P520. No further transactions occurred until the end of the month. If the account of Pirena in the books of Amihan shows a debit (credit) balance on April 30, 2014 after recognizing the profit (loss) on the uncompleted joint venture:

a. 21, 700

b. 0

c. (21, 820)

d. 21, 950