2. Prepare a budgeted balance sheet as of December 31,20Y4. Regina Soap Co Budgeted Balance December 31, 20 1. Prepare a budgeted income statement for 20Y4. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20 Y4 Cost of goods sold: Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: As a proliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20r4, the foliowing tentative trial balance as of December 31,20r3, is prepared by the Accounting Department of Regina Soap Co.: Factory output and sales for 20y4 are expected to total 29,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y4, are expected to remain unchanged from the batances at the beginning of the yaar. Budpet estumates of manufacturing costs and operating expenses for the vear are summacized ad foliows: Estimated Costs and Expenses Inventories: Total current assets Property, plant, and equipment: Total assets Current liabilities: Total stockholders' equity Total flabitities and stockhotders' equity Liabilities Stockholders' Equity Ealances of accounts recoivable, prepaid expenses, and accounts payable at the end of the vear are not expected to differ significanthy from the beginning balances. Federn June, September, and December on 25,000 shares of common stock outstanding, it is anticipated that nxed assets nill be purchased for $159,000 cash in May