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

Final settlement will require payments as follows:

Select one:

a.

Golf pays Hotel P2,405

b.

Golf receives from Hotel P1,150

c.

None

d.

Golf and Hotel receive P1,255 each