Golf and Hotel enter into a contract to speculate on the stock market, each using approximately their personal cash. The earnings are to be divided equally, and settlement is to be made at the end of the year after securities have been sold. A summary of the monthly brokerage statements for the year follows: Golf Hotel Total of all purchases confirmations P 45,000 P 18,000 Total of all sales confirmations 48,700 16,800 Interest charged on margin accounts 80 50 Dividends credited to accounts 40 100 The joint operation profit (loss) is: