Budgeted Inceme Statement and Balance Sheet As a preliminary to requesting todget estimates of sales, costs, and expenses for the fiscal year beginning january 1, 20r9, the following tentative thai balance as of December 31, 20y8, is prepared by the Accounting Department of Regina 50 ap Co. Factory output and sales for 20 are are expected to total 24,000 units of product, which are to be sold at sto per unit. The quanities and costs of the enventories at December 31,20Y9, are expected to remain unchanged from the balances at the beginning of the yea. Budget estimates of manufacturing conts and operating expenses for the vear are summarized as follows: Budget esfimates of manufacturing costs and operating expenses for the year are summarired as follows: Balancet 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 3171,400 on 20r9 taxable income wis be oaid during 20y9. Regular quarterly cash dividends of 11 per share are expected to be declared and paid in March, June, 5eptembeg and December on 35,000 thares of comman stock outatanding. it in antioipated that ffxatd avseti will be purchased for $133,000 cash in May. 12x2= 2. Prepare a budgeted balance sheet as of December 31,20y9. 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