Golden Dawn Co. had the following amounts for its assets, liabilities and stockholders equity accounts just before filing a bankruptcy petition and requesting liquidation:

	Book value	Net Realizable Value
Cash	10,000	P 10,000
Accounts receivable	100,000	60,000
Inventory	350,000	350,000
Land	110,000	75,000
Building and equipment	700,000	300,000
Accounts payable	100,000
Salaries payable	75,000
Notes payable (secured by inventory)	300,000
Employee claims for distribution to pension plans	10,000
Taxes payable	80,000
Liability for accrued expenses	20,000
Bonds payable	500,000
Common stock	200,000
Additional Paid-in capital	100,000
Retained Earnings Deficit	(115,000)

Of the salaries payable, P35,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: Asta was owed P10,600, Noelle was owed P15,000, Nero was owed P11,900 and Luck was owed P2,500. The maximum owed for any one employees claims for contributions to benefit plans was P800. Estimated expense for administering the liquidation amounted to P40,000.

16. What was the total amount of unsecured liabilities with priority? a. P75,000

b. P 155,000

c. P 165,000

d. P 170,000