TLW CO. 's outstanding share capital at December 31, 2020 comprised the following:

30,000 shares of 10% cumulative preference

share capital, 5% participating par value of P10

per share

200,000 shares of ordinary share capital, par

value of P1 per share.

On December 31, 2020, TLW Co. declared dividendsof P100,000. What is the amount of dividends payable to the company's ordinary shareholders?

A. P20,000

B. P55.000

C. P35.000

D. P47,500