Items 11 to 16 are based on the following information: Presented below is the balance sheet of ABC Company as of December 31, 2017: Assets Liabilities & Equity Cash Php 30,000 IT payable Php5,000 AR 48,000 Inventory 17,000 Ordinary Shares 250,000 PPE 230,000 Retained Earnings 70,000 Total Assets Php325,000 Total L&E Php325,000 The manager instructs you to update the balances based on the budget below: 1st Q 2nd Q 3rd Q 4th Q Sales Php110,000 Php120,000 Php140,000 Php140,000 Production Costs 70,000 80,000 90,000 80,000 Operating expenses 25,000 30,000 28,000 30,000 Annual depreciation (included in the amounts above): o Production costs: Php 70,000 o Operating expenses: Php20,000 Inventory balances are expected to be: March 31: Php56,000 June 30 52,000 September 30: Php60,000 December 31: 48,000 All production costs and operating expenses, except depreciation, are to be paid during the quarter incurred. Sales are made either through cash or credit. The Company expects quarterly sales to be made 20% in cash and 80% in credit. As to the credit sales, the same are collected 50% in the quarter of sales and 48% in the quarter after the sale. The rest are budgeted to be uncollectible and recognized as bad debts in the quarter incurred. There is no allowance for bad debts as of December 31, 2017. Dividends are paid at the end of June and December. The number of dividends is based on 10% of the cash balance available at the end of the 1st quarter for June dividends and the 3rd quarter for December dividends. Income tax is equal to 30% of the quarter's income tax and is paid in the following quarter. The December 31, 2018 budgeted balance sheet would show 11. Budgeted cash of 12. Budgeted accounts receivable (net) of 13. Budgeted Inventory of 14. Budgeted Property, Plant and Equipment of 15. Budgeted income tax payable of 16. Budgeted retained earnings of