Budgeted Income Statement and Balance Sheet. As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1,204, the following tentative trial balance as of December 31,2013, is prepared by the Accounting Department of Regina Soap Co.: December 31, 20r/4, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of mamufacturing costs and operating expenses for the year are summarized as foliows. 4199,900 on20Y4 tawable income Will be paid during 20Y4. Regular quarterly cash dividends of 51 ner share are expected to be declared and paid Required: 1. Predare a budaeted income statement for ) Y 4 Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense 4422,50084,00063,300 Total selling expenses Adminirative expenses: Office and officers salanes Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense \( \begin{array}{r}5 \longdiv { 2 2 0 , 1 0 0 } \\ \hline 31,400 \\ \hline 43,800 \\ \hline\end{array} \) Net income 2. Prepare a budgeted balance sheet as of December 31,20Y4. Regina Soap Co. 2. Prepare a budgeted balance sheet as of December 31 , 20 Y 4 . Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Less accumulated depreciation Total assets Llabilities Current liablities: Accounts payable Stockhoiders' Equity Common stock Retained earnings Total stockhoiders' equity Total thabilities and stockhoiders' equity