Budgeted data for the year 2025 include the following. To meet sales requirements and to have 2,450 units of finished goods on hand at December 31,2025 , the production budget shows 8,820 required units of output. The total unit cost of production is expected to be $18. Vaughn uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,430 for the year. Income taxes are expected to be 20% of income before income taxes. In 2025 , the company expects to declare and pay an $7,840 cash dividend. The company's cash budget shows an expected cash balance of $20,840 at December 31,2025 . All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2025 , the company expects to purchase additional equipment costing $8,820. A total of $4,010 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Vaughn expects to pay $7,840 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,430, above). Accounts payable at December 31,2025 , includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $7,056. Unpaid income taxes at December 31 will be $4,900. Prepare a budgeted multiple-step income statement for 2025. Vaughn Industries' balance sheet at December 31.2024. is presented below