MASTER BUDGET PREPARATION ITAFB Corporation is preparing its Master Budget for 2022, Budget information is as follows: Sales Production Cost Operating Expenses 2022 First Q P 280 000 P 192 000 P 64 000 Second Q 320 000 200 000 68 000 Third Q 360 000 224 000 72 000 Fourth Q 352 000 200 000 76 000 2023 First Q 320 000 224 000 72 000 The budget finished goods inventories are: 2022: March 31 P 56 000 June 30 52 000 September 30 60 000 December 31 48 000 The company uses the JIT system on its purchase of materials. It buys materials on cash basis. Included in production cost each quarter is P 44 000 in depreciation. The operating expenses include depreciation of P 12 000 per quarter. All production costs and operating expenses, with the exemption of depreciation are to be paid during the quarter of incurrence. Collections on sales are planned at 60% during the quarter of sales, the balance during the quarter following the sale. Dividends of P 20 000 is to be paid in June and again in December if covered by sufficient profits. No dividends will be paid if the net profit is less than P 120 000. Income tax is equal to 32% of the quarter's income before tax and is paid in the following quarter. The company's balance sheet as of December 31, 2021 is as follows: Cash, P 76 000; Accounts Receivable, net, P 120 000; Inventory, P 44 000: Plant and Equipment, net. P 580 000; Income Tax Payable, P 12 000; Capital Stock, P 640 000; Retained Earnings, P 168 000.Prepare for the following: Collection Budget Production Budget Disbursement Budget Cash Budget Budgeted Income Statement Budget Balance Sheet