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The information below is taken from the books of Mr. Joey Lao for the year ended December 31, 2015. January 1 December 31 Assets P200,000

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The information below is taken from the books of Mr. Joey Lao for the year ended December 31, 2015. January 1 December 31 Assets P200,000 P300,000 Liabilities P80,000 P120,000 Joey Lao made an additional investment of P40,000 during the year.Net income and expenses during the year amounted to P180,000 and P80, 000 respectively. Determine the amount of withdrawals during the year. A O P120,000 OP80,000 OP160,000 O P180.000

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