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, totalled 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 purchase account should be reduced by ___________. a. P 8,000 b. P 32,000 c. P 40,000 d. P 80,000