Ball Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2025: (Click the icon to view the budget information.) Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2025. Ball Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Income Tax Expense Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) es Get more help - 121800 Data table Ball Company Post-Closing Trial Balance December 31, 2024 Account Cash Accounts Receivable Debit Credit $ 23,000 32,000 Merchandise Inventory Prepaid Insurance 15,500 2,400 Equipment and Fixtures Accumulated Depreciation 60,000 $ 10,000 Accounts Payable 24,000 Salaries and Commissions Payable Common Stock Retained Earnings Totals 6,600 18,000 74,300 $ 132,900 $ 132,900 Print Done ck answer