Budged Income and Balance Sheet As a preliminary to requesting budget estimal of sales, costs, and expers for the fiscal year beginning January 1, 2049, the following tentative trial balance of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co. S108,100 Ac Receivable 205,500 Finished Goods 43,400 Work in Pro 28,900 47,500 Prepaid Expo 3,500 Plant and Equipment 422,800 Accumulated Depreciation-Plant and Equipment 5205,500 160,000 Common Stock $10 300,000 aind Earnings 250,200 5915,200 5915,700 Factory output and sales for 2019 are expected to total 25,000 units of product, which are to be sold at $120 par unit. The quantities and costs of the interes at December 31, 2099, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing and operating expers for the year are said as follows Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of good manufactured and sold: Dire materials $30 Direct labor 9.5 Factory overhead Depreciation of plant and equipment 525,000 Other factory overhad 2,800 5.5 Selling en Sales salaries and commission 80,000 15 Advert 75,000 Miscellaneous willing spina 6,500 2.5 Administrative op once and officer Sale 50,000 7.5 Supplies 3,000 1 Miscellaneous administrative 1,500 Balance 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 $272,200 on 2019 lasable income will be paid during 2019. Regular Quarterly cash dividends of Si parlare are depected to be declared and paid in March, June, September, and December 30,000 shares of common stock outstanding. It is anticipated that it will be purchased for $129,000 cash in May. 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Cost of goods sold: $ Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Income before income tax 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 2049 Assets Current : Livres Total current Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity