Spectrum Corporation is experiencing severe financial difficulties and is considering filing a bankruptcy petition. At this time, it has the following information:

Notes payable amounting to P92,000 is secured by Furniture estimated to be sold at P102,500 which is 2/3 of its recorded amount.

Of the P244,500 loans payable, P68,750 is secured by a machinery with a carrying amount of P96,000 expected to make proceeds equal to 70% of its book value.

Equipment with a carrying amount of P161,250 has an estimated realizable value of P123,750.

Other unrecorded liabilities are accrued interest on notes, P3,875; salaries payable, P21,750; taxes payable, P14,500; and trustee’s fee, P10,625.

Cash available prior to liquidation amounts to P14,875.

Total assets of Spectrum Corp. presented in the Statement of Financial Position prior to liquidation amounts to P600,000 including prepaid expenses and goodwill amounting to P9,500 and P27,500, respectively which have no estimated realizable values. Remaining assets other than those whose estimated realizable values were mentioned above has a realizable value of 60% of the recorded amount.

Total liabilities of Spectrum Corp. presented in the Statement of Financial Position prior to liquidation amounts to P475,000.

What is the estimated payment to the partially secured creditor?