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 26,000 units of product, which are to be sold at $100 per unit. The quantiti and costs of the inventories at December 31, 20Y4, are expected to remain unchanged from the balances at the beginning of the y Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: pected to differ significantly from the beginning balances. Federal income tax of $220,700 on 20x4 taxable income wil be paid durch, June, September, and December on 35,000 shares of dividends of $1 per share are expected to be declared and paid in march andil be purchased for $149,000 cash in May. 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 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 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 20Y