Lexus Company, which began operations on January 3, 2012, appropriately used the installment method of revenue recognition. The following information pertains to Lexus Company's operations for 2012 and 2013: 2012 P300,000 2013 P450,000 100,000 50,000 150,000 Sales Collections from: 2012 sales 2013 sales Accounts written off: 2012 sales 2013 sales Gross profit rates 25,000 75,000 150,000 30% 40% What amount should Lexus Company report as deferred gross profit in its December 31, 2013 Statement financial Position for 2012 and 2013? a. P112.500 b. P125.000 C. P 75.000 d. P 80,000