Peavey 6505 Output power.

I am building two guitar amp cabinets, (will make an intractable when finished). They are both ported 1x12s which have a tight bottom end (no pun intended). The speakers I bought (V30's) have a 65w handling power, and the Peavey 6505 Plus Im planning to get pushes out 120w. The 6505 has two cab outputs on the back. I would like to know: Does the 6505 put out 120w per output? Or 60w per output when both outputs are in use? It will work either way, I can wire the speakers in series to give them a 130w handling power when they're both hooked up to one output. Thanks!