2. Prepare a budgeted balance sheet as of December 31,20 Y9. 2. Prepare a budgeted balance sheet as of December 31,20Y9. Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $30,000 on 20V9 taxable income wits be paid during 20 Y9. Regular quarterly cash dividends of $0.15 per share are expected to be declared and paid in March,-June, September, and December on 18,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $75,000 cath in 1. Prepare a budgeted income statement for 20Yg. Budgeted income statement and balance sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20rg, the following tentative trial balance as of December 31, 20 rs, is prepared by the Accounting Department of Regina Soap Co.: Factory output and saies for 209 are expected to total 200,000 units of product, which are to be sold at $5.00 per unit. The quantities and costs of the inventories at December 31,20Y9, are expected to remain unchanged from the batances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows