Royal Company filed for a voluntary bankruptcy which was granted by the courts after having submitted all the required papers and documents. You are given its current financial position on June 30, 2022. Assets Book Value Liquidation Value Cash P 2,000 Investments 13,000 P20,000 plus uncollected dividend of P2,000 Accounts receivable (net) 27,000 P14,000 can still be collected Inventory 38,000 P50,000 after reconditioning cost of P5,000 Prepaid expense 4,000 P1,000 is refundable Land 70,000 150% Building (net) 100,000 90% Equipment (net) 40,000 40% Goodwill 6,000 Short Term Notes Payable 60,000 Secured by inventory Accounts Payable 54,800 Long Term Notes Payable 175,000 Secured by land and building Share Capital 150,000 Deficit (140,000) Interest rate on long term note is 10% payable every December 31. Accounts Payable include salaries and wages of P10,000 and P2,800 due to the government in connection with taxes. Administrative cost for liquidation proceedings amounting to P5,000 is still unrecorded. What is the amount of the net free asset? O 35.450 O 28,950 O 37.200 O 48,450