S and C are partners with capital balances of P600,000 and P200,000, respectively. Profits and losses are divided in the ratio of 60:40. S and C decided to form a new partnership with L, who invested land valued at P150,000 for a 20% capital interest in the new partnership. L's cost of the land was P120,000. The partnership used the bonus method to record the admission of L into the partnership. L's capital account should be credited for Php 160,000.