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Items 6 to 8 are based on the following: the following partners p is engaged in trading business capital balances and P&L ratio. P400,000 300,000 200,000 50% 30% 20% Pitt, managing partner Stone Oprah business operation of PSO Partnership is as follows: rd 4th P400,000 P800,000 Gross income P500,000 P300,000 Operating expenses 300000 250.000 300000500000 purposes. The partnership is the irrevocable beneficiary. The P1,000,000 40,000 100,000 Oprah died on October 1 during the year. He was insured by the partnership for financial security life insurance policy has the following data: Policy Annual premium paid Cash surrender value It was determined that the partnership land is u ndervalued by P200,000 The share of Oprah in the operating net income of the partnership is: a. P130,000 b. P200,000 c. P150,000 d. P 70,000. 6. 7. The gain on life insurance settlement is: a. P890,000 b. P880,000. c. P870,000 d. P860,000 8. The cash settlement of Oprah would be: a. P270,000 b. P330,000 c. P488,000 d. P460,000