Question 14 of 20 1 Point The partnership of Folly and Frill is in the process of liquidation. On January 1, 2020, the ledger shows account balances as follows: Cash P10,000 Accounts payable P15,000 Accounts receivable 25,000 Folly capital 40.000 Lumber inventory 40,000 Frill capital 20,000 On January 10, 2020 the lumber inventory is sold for P25,000, and during January, accounts receivable of P21,000 are collected. No further collections on the receivables are expected. Profits are shared 60% to Folly and 40% to Frill. Of the total equity of Folly, what amount, appear to be recoverable? Select the correct response P 40,000 O P 28,600 P 24,600 O P 37,600