Answer:
I would expect to extract the acetic acid.
Step-by-step explanation:
In the first step, since we are adding a concentrated acid, it will react with the bases present in the mixture (diethylamine and ammonia) forming salts, which are soluble in water. Therefore, after draining the aqueous layer, we will have phenol and acetic acid left in the organic layer.
In the second step, we are adding a diluted base, so it will react with a strong acid. This compound is acetic acid, and its salt will be present in the aqueous layer. Phenol will be left on the organic layer.