5, (20%) P Co. Asked you to interpret the following ratios provided by its accountant: Acid-test ratio 1.2; Tmes inte4rest earned, 8; Gross margin ratio, 40% Inventory turnover, 6; Debt to equity ratio, 0.9 to 1 and ratio of operating expenses to sales 15%. Total shareholders' equity on Dec. 31, 2018 was P900,000. Gross margin for 2018 amounted to P600,000. Beginning balance of merchandise inventory was P200,000. The company's long term liabilities consisted of bonds payable with interest at 15%. You decided to reconstruct the company's financial statements based on the limited information given to serve as a basis for further analysis. Compute: (a) operating income in 2018 (b Bonds payable balance at Dec. 31, 2018; Current liabilities balance at December 31, 2018 and Current Assets at Dec. 31, 2018