The following balance sheet for the partnership of Juan, Ponce and Enrile were taken from the books on November 30, 2011:

Cash P 80,000 Liabilities P 200,000

Other Assets 720,000 Juan, Capital 148,000

Ponce, Capital 260,000

Enrile, Capital 192,000

The partners agreed to distribute the profits as follows;

Annual salaries to Juan and Ponce of P 6,000 each. 6 % interest on beginning capital 10 % bonus to Ponce (the bonus to be treated as an expense after salaries and interest) Remaining profit 40:40:20 respectively.

If the net income of the partnership was P 122,400 during the two-month period ending December 31, 2011, the total share of Ponce in the net income is;

a. P 61,440

b. P 55,600

c. P 54,964

d. P 55,418