Partners Joey,Eric,Nad and Dy have been operating F4 partnership for ten years. Due to a significant reduction in the demand of their product over recent years and the realization that there is No Forever, the partners have agreed to liquidate the partnership. At the time of liquidation, balance sheet accounts consisted of cash, P 103,500; noncash assets, P300,000; liabilities to outsiders, P60,000; capital balances for partners Joey,Eric,Nad and Dy, P90,000, P150,000, P120,000, and P16,500 respectively. Partners share equally in income and loss as dictated in their Articles of Partnership notwithstanding the fact that their relative capital contributions and industrial participation for the operations of the business do not conform with such agreements. It is estimated that the cost of liquidation total P4,500. While preparing for liquidation, an unrecorded liability of P7,500 was discovered.

For how much must the noncash assets be sold for Partner Dy to receive at least P5,000 which he really needs so he can provide meal for his 30 children, 19 siblings and his wife, assuming his equity is not stated in normal balance?

A. P429,500 B. P501,500 C. P398,000 D. 386,000