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Exercise 5-7 The beginning and ending bulances in each of the balance sheet XCO Us the Mexico Company are as follows: Cash Accounts receivable prepaid insurance Total current assets Inventory Land Plant & equipment Accumulated depreciation Total non-current assets Dec 31, 2019 1260,000 180.000 400,000 50,000 P890,000 P1,200,000 1.000.000 (400.000) P1,800,000 Dec. 31, 2020 P100,000 360,000 460,000 30,000 P950,000 P1,500,000 1,400.000 (500,000) P2,400.000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Tota! curreni liabilities Ponds payable Common stock Retained earnings P 300,000 200,000 20,000 122.000 P 642.000 600,000 800,000 648,000 P 260,000 132,000 30,000 150,000 P 572,000 700,000 1,100,000 978,098 Total liabilities & equity P2,690,000 The forecast income statement for the Mexico Company for 2020 is P3,350,000 presented below: Sales Cost of sales Gross profit Operating expenses Income before interest & tax Interest expense Income before tax Income tax Net income P2,500,000 1,400,000 P1,100,000 300,000 P 800,000 50,000 P750,000 300,000 P 450,000 REQUIRED: 1. Prepare a forecast cash flow statement for 2020