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 balance 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 24,000 units of product, which are to be sold at $110 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: Factory output and sales for 20Y4 are expected to total 24,000 units of product, which are to be sold at $110 per unit. The quantities an 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: Balances of accounts recelvable, prepaid expenses, and accounts payable at the end of the year are not expected to \&ffer significantly from the beginning balances. Federal income tax of $232,600 on 20Y4 taxable income will be paid during 20Y4. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of comme stock outstanding. It is anticipated that fixed assets will be purchased for $135,000 cash in May. Required: 1. Prepare a budgeted income statement for 20Y. 1. Prepare a budgeted income statement for 20 Y. 2. Prepare a budgeted balance sheet as of December 31,20Y4. 2. Prepare a budgeted balance sheet as of December 31 . 20Y4. Total current assets Property, plant, and equipment: Total assets Liabilities Current llabilities: Total stockholders' equity Total liabilities and stockholders' Property, plant, and equipment: Total assets