As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20v, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Oepartment of Regina Soap Co. Factory output and sales for 20y9 are expected to total 25,000 units of product, which ace to be sold at 5100 per unit. The quantities and costs of the inventories at December 31 , 20r9, are expected to remain unchanged from the balances at the beginning of the yea. Budget estimates of manufacturing costs and operating expenses for the vear are summarized as folions: 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: rederat income tax of $212,200 on 209 taxable income wit be paid during 20V9, Regutar quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that foxed assets will be purchased for $140,000 cash in Mar. Required: 1. Prepare a budgeted income statement for 20Y9. income before income tax 2. Prepare a budgeted balance sheet as of December 31,20Y9. Regina Soap Co. Budgeted Balance Sheet December 31, 20Yg Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity