Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal vear beginning lanuary 1 , 20y4, the following tentative trial balance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co:: Factory output and sales for 204 are expected to total 26,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31,20Y, 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: Next: 3 more check My Work uses remaining Balances 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 $220,700 on 20 Y taxable income will be paid during 20Y4. Regular quarterly cash dividends of \$1 per share are expected to be dedared and paid in March, June. September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $149,000 cash in May. Required: 1. Prepare a budgeted income statement for 20y4 3 more Check My Work uses remaining 2. Prepare a budgeted balance sheet as of December 31,20 Y. 2