Junnie Sales Corporation has, in recent prior years, maintained the following relationships among the data on its financial statements: Net income on net sales 5% Gross income rate on net sales 35% Ratio of selling expense to net sales 15% Acid-test ratio 2 to 1% Current ratio 3 to 1% Accounts receivable turnover 5 times Inventory turnover 5 times Composition of quick assets: cash: 10% marketable securities: 30% accounts receivables: 60% Assets turnover: 1 per year Ratio of total assets to intangible assets: 20 to 1 Ratio of accounts receivables to accounts payable: 1.5 to 1 Ratio of working capital to stockholders equity: 1 to 1.6 Ratio of total liabilities to stockholders equity: 1.4 to 1.6 Ratio of accumulated depreciation to cost of fixed assets: 1 to 3 No of times interest earned: 2 For 1990, the company projects to have a net income of P150,000 which will result in earnings of 10 per share of common stock. Additional information includes the following: a. Common stock has a par value of 50 per share and was issued at a 20% premium. b. 8% preferred stock has a par value of 50 per share and was issued at a 10% premium. c. Preferred dividends paid in 1989 is 10,000. The same amount will be paid in 1990. d. The companys purchases and sales are all on account. For projection purposes, it is assumed that the above relationships among the data on the financial statements of Junie sales corporation shall also hold true for 1990. Required: Prepare a projected balance sheet for the year 1990 and a projected income statement for the year ended December 31, 1990. (Ignore income tax)