James and his very close associate Wade formed a partnership on Jan. 1, 2015 with James contributing P16,000 cash while Wade contributing equipment with a book value of P6,400 and a fair value of P 4,800 and inventory items with a book value of P2,400 and a fair value of P3,200. During 2015, Wade made additional investments of P1,600 on April 1 and P 1,600 on June 1, and on Sept 1, he withdrew P4,000. James had no additional investments or withdrawals during the year. The average capital balance at the end of 2015 for Wade is

Group of answer choices

P9,600

P7,200

P8,800

P8,000