CLARK CORP. records its purchases at gross amounts but wishes to change to recording purchases net of purchase discounts. Discounts on purchases recorded from January 1, 2018, to December 31, 2018, totaled P80,000. of this amount, P8,000 is still available in the accounts payable balance. The balance in Clark's accounts as of and for the year ended December 31, 2018, before conversion are: Purchases P 4,000,000 Purchase discounts 32,000 Accounts Payable 1,200,000 The entry to record the conversion is _______________. a. Accounts Payable 80,000 Purchases 80,000 b. Purchase discounts lost 32,000 Accounts Payable 8,000 c. Purchase discount lost 40,000 Purchase discounts 32,000 Accounts Payable 8,000 Purchases 80,000 d. Purchase discounts lost 32,000 Purchases 32,000