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 , 20Y4, the following tentative trial baiance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co:: Factory output and sales for 20Y4 are expected to total 23,000 units of product, which are to be soid at $90 per unit. The quantities and costs of the inventories at December 31, 20Y4, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: 2. Prepare a budgeted balance sheet as of December 31,20Y. Balances of accounts receivabie, 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 $164,200 on 20Y4 taxable income will be paid during 20Y4. Regular quarterly cash dividends of $1 per share are expected to be deciared and paid In March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets wil be purchased for s122,000 cash in May, Required 1. Prepare a budgeted income statement for 20Y4. F Cheod My Work Use information from the expected sales, cost of goods, and selling and administrative expenses. 2. Prepare a budgeted balance sheet as of December 31,20Y. 2. Prepare a budgeted balance sheet as of December 31,20Y4. Regina Soap Co. Plant and equipment Less accumulated depreciation Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Commen stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 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 , 20Y4, the following tentative trial baiance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co:: Factory output and sales for 20Y4 are expected to total 23,000 units of product, which are to be soid at $90 per unit. The quantities and costs of the inventories at December 31, 20Y4, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: 2. Prepare a budgeted balance sheet as of December 31,20Y. Balances of accounts receivabie, 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 $164,200 on 20Y4 taxable income will be paid during 20Y4. Regular quarterly cash dividends of $1 per share are expected to be deciared and paid In March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets wil be purchased for s122,000 cash in May, Required 1. Prepare a budgeted income statement for 20Y4. F Cheod My Work Use information from the expected sales, cost of goods, and selling and administrative expenses. 2. Prepare a budgeted balance sheet as of December 31,20Y. 2. Prepare a budgeted balance sheet as of December 31,20Y4. Regina Soap Co. Plant and equipment Less accumulated depreciation Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Commen stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity