Go and Duque are partners who share profits equally and losses in a 2:1 ratio. If they have beginning capital balances of P120,000 and P118,000, made no additional investments nor withdrawals, and suffered an unprofitable year with loss of P48,000, their capital balances will be Go-P40,000; Duque- P 80,000 Go-P88,000; Duque- P 102,000 Go-P150,000; Duque- P 118,000 Go-P152,000; Duque- P 134,000 James Corporation has outstanding 10,000 shares of 10% Preference Share Capital with a par value of P100 and 42,500 shares of P10 par value Ordinary Share Capital. The balance in the Retained Earnings account at the end of the fiscal year 2020 is P1,650,000. If James purchases 1,000 shares of its own ordinary share capital at P40 per share, what amount of Retained Earnings is available for payment of dividends? O P1,610,000 O P1,640,000 O P1,650,000 O none of the answers is correct