Branch 1 of Iloilo Companys balances are as follows:

Accounts
Inventory, 1/1/20x8	P 47,225
Imprest branch fund	3,500
Inventory, 12/31/20x8	18,000
Trade receivables, 1/1/20x8	50,000
Merchandise from Home office	47,000
Trade receivables,12/31/20x8	83,250
Sales	105,000
Cash expenses	73,800

All sales, collections and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home office and credited to the Home account. All expenses paid by the branch are recorded in the books of the branch.

Compute the balance of the Home office account in the books of branch on December 31, 20x8.