ISOLB CO, had the following financial ralios for 2022 Net Income Gross Income rate on net sales Ratio of selling expense to net sales Acid Test Ratio Current Ratio Accounts Receivable Turnover Inventory Turnover Composition of quick assets: 10% cash 30% marketable securities 60% accounts receivable Asset turnover Ratio of total assets to intangible assets Ratio of accounts receivable to accounts payable Ratio of working capital to stockholder's equity Ratio of total liabilities to stockholders' equity Ratio of accumulated dep'n to cost of fixed assets Number of times interest earned 5% 35% 15% 2:1 3:1 5 times 5 times 1 per year 20:1 1.5:1 1:1.6 1.4:1.6 1:3 2 For 2022, the company have a net income of P 150 000 which will result in earnings of P 10 per share of common stock. Additional information are as follows: a. Common stock has a par value of P 50 per share and was issued at 20% premium. b. 8% preferred stack has a par value of P 50 per share and was issued at 10% premium. c. Preferred dividends paid in 2015, P 10 000. The same amount will be paid in 2022. d. The company's purchases and sales are all "on account". Required: Prepare a balance sheet and Income statement for the year 2022. (Ignore income tax effects)