On September 1, 2020, the business assets and liabilities of Wilem and West Amadeo were as follows:

WILEM AMADEO:

Cash - 28,000

Accounts Receivable - 200,000

Inventories - 120,000

Land - 600,000

Furniture and fixtures - 50,000

Other assets - 2,000

Accounts Payable - 180,000

Notes Payable - 200,000

WEST AMADEO:

Cash - 62,000

Accounts Receivable - 600,000

Inventories- 200,000

Building - 500,000

Furniture and fixtures - 35,000

Other assets - 3,000

Accounts Payable - 250,000

Notes Payable - 350,000

Wilem and West agreed to form a partnership contributing their respective assets and liabilities subject to the following agreements:

a. Accounts receivable of P20,000 in Wilem's books and P40,000 in West's books are uncollectible.

b. Inventories of P6,000 and P7,000 are obsolete in Wilem's and West's respectively.

c. Other assets of P2,000 and P3,000 in Wilem's and West's respective books are to be written off.

d. Accrued expenses of P2,000 and P5,000 in Wilem and West'd books are to be recognized.

e. Goodwill is to be recognized to equalize their accounts capital accounts after the above adjustments.

Amount of goodwill to be recognized is