You are engaged to audit the books of ZION ENTERPRISES. From the records of the company, you gathered the following information: ZION ENTERPRISES started operation on October 2, 2021 with ZION investing P150,000 cash. The bank statement in December, 2021showed an ending balance of P130,500. Examination of the paid checks disclosed that checks totaling P4,500 were issued by the company in December, 2021 , and were presented for payment only in January, 2018. Cash count as of December 31, amounted to P8,500. You were told by the cashier that P5,000 of these, in checks, were cash sales on December 29, 2021, deposited on January 3, 2022. The balance, in currency and coins, represents petty cash fund. Additional data: 1. Accounts reccivable subsidiary ledgers had a total balance of P70,000 at December 31,2021. 2. Supplier's unpaid invoices for merchandise totaled P60,000. 3. The bank statement in October showed a bank credit for P98,000, dated October 2, 2021. Inquiry from the cashier disclosed that the amount represents proceeds of a 90-day, discounted bank note. P80,000 of this loan was paid by check in December, 2021. 4. Merchandise inventory at December 31, 2021 amounted to P30,000. 5. Operating expenses paid during the period totaled P180,000; while merchandise purchases amounted to P250,000. 6. The gross profit rate is 120% of cost. 13. The amount of cash shortage as of December 31, 2021 is: a. P81,000 b. P77,500 c. P59,000 d. P0