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GROUP WORK The FTG Corporation operates a branch in Cebu City. The home office ships merchandise to the branch at 125 percent of its cost. Selected information from the December 31, 2020 trial balance are as follows: Home Office Books P900,000 300,000 400,000 Branch Books P500,000 Sales Shipments to branch Purchases Shipments from home office Inventory, January 1, 2020 Allowance for overvaluation of branch inventory Expenses 150,000 375,000 50,000 85,000 140,000 70,000 Inventory at December 31, 2020 follows: Home office P50,000 Branch 80,000 REQUIRED: 1. Prepare an income statement for the operation of the home office of FTG Corporation. 2. Prepare an income statement for the operation of Cebu Branch. 3. Prepare a consolidated in income statement of FTG Corporation. 4. Determine the net income of Cebu Branch as far as FTG Corporation is concerned