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The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000; Liabilities of P350,000, Ray Capital (30%), P300,000; May Capital (25%), P450,000 and Jay Capital, (45%), P350,000. The partnership is to be liquidated on an installment basis. The details of the first two installment sales of the partnership follow: Book Value Sales Price Expected of Non-cash of Non-cash Liquidating Liabilities Liquidating Assets sold Assets sold Expenses Paid Expenses 1 st Sale P 250,000 P 205,000 P 20,000 P 150,000 P 25,000 2nd Sale 100,000 30,000 10,000 150,000 30,000 Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P200,000 of the NCAs are sold for P150,000; P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distributed to the partners. Determine the capital of May after the 3d installment sale of the NCAs