Rixal Inc. is authorized to issue P10 par ordinary share capital. The company received subscription from Mr. Bathrum for 15,000 shares at P15 per share. Mr. Bathrum paid 30% down payment and the balance is payable at the end of 60 days. After several calls, Mr. Bathrum failed to pay the balance of his subscription. Thirty days after the due date, the shares were declared delinquent and were advertised for sale at a public auction. Expenses incurred for advertising the sale amounted to P4,500, which were duly paid by the corporation. What amount would be the total receivable from the highest bidder?

Choose the correct answer:

a. P225,000

b. P229,500

c. P162,000

d. P157,500

Please answer immediately.