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Exercise 5-9 During the next fiscal year ending June 30.2020, Texas Company will make substantial investments in new product lines and in a modernization program, Significant changes to be made during the year are listed below: 1. Equipment with a net book value of P86,000 will be sold during the year. 2. All of the capital stock of Ohio Company will be exchanged with 5,000 shares of Texas Company at a time when the market value is P40 per share. P250,000 cash will also be given as part payment. 3. Bonds having a face value of P1,000,000 will be issued on June 30, 2020 at 98%. 4. Trading securities carried at market value of P200,000 will be sold for P215,000. 5. New equipment will be purchased during the year. 6. A new building will be purchased at a cost of P1,000,000, although there are no building retirements. 7. Cash dividends will be paid to stockholders. The financial statements forecast for the year ended June 30, 2020 are given next page: Income Statement For the Year Ended June 30, 2020 P2,430,500 P1,073,000 Net sales Cost of goods sold (including depreciation of P191,500 Operating expenses (including depreciation of P100,000) Interest expense Gain on sale of equipment Gain on sale of trading securities Unrealized holding gain on trading securities Income tax Total Net income 500,000 7,500 (26,000) (15,000) (44,000) 356,000 P1.851,500 P 579.000 2020 Texas Company Balance Sheets June 30 Assets Cash Trading Securities(market) Accounts receivable Inventories Investment in Associates (cos:) Land Buildings (net) Equipment (net) Total assets 1532,000 275,000 141,500 168,500 450,000 43,000 1,095,000 352,000 P3,057,000 2019 P442,000 325,000 80,500 86,000 0 43,000 321,500 242,500 P1,540,500 Liabilities & Equity Accounts payable Short-term bank loans payable Accrued operating expenses Income tax payable Bonds payable (net) Common stock, P10 par value Additional paid in capital Retained earnings Total liabilities & equity P 93,500 50,000 20,500 143,000 980,000 550,000 400,000 820,000 P3,057,000 P107,500 50,000 41.500 156,500 0 500,000 250,000 +35,000 P1,540,500 REQUIRED: 1. Prepare a forecast cash flow statement for the year ended June 30,2020. 2. Show supporting schedules or T-accounts for many missing amounts