Lovebirds Corporation sells goods on the installment basis. For the year just ended, the following were reported: Cost of installment sales P 525,000 Loss on repossession 13,500 Fair value of repossessed merchandise 112,500 Account defaulted 180,000 Deferred gross profit, end 108,000 How much was the collections for the year? a. P210,000 b. P264,000 c. P390,000 d. P415,715