Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the scal year beginning January 1,. 2019, the following tentative trial balance as of December 31, 2MB, is prepared by the Accounting Department of Regina Soap (30.: Cash $109,200 Accounts Receivable 198,200 Finished Goods 41,200 1Work in Process 22,800 Materials 45,200 Prepaid Expenses 3,400 Plant and Equipment 515,400 Accumulated DepreciationPlant and Equipment $221,500 Accounts Payable 133,400 Common Stock, $10 par 250,000 Retained Earnings 205,900 $941,900 $941,900 Factorv output and sales for 20Y9 are expected to total 25,000 units of product, which are to be sold at $100 per unit. The quanties and costs of the inventories at December 31, 2W9, 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: Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor 8 Factory overhead: Depreciation of plant and equipment $25,000 - Other factory overhead 7,800 4.5 Selling expenses: Sales salaries and commissions 89,800 12.5 Advertising 75,000 I Miscellaneous selling expense 6,500 2 Administrative expenses: Office and officers salaries 59,000 6.5 Supplies 3,000 1 Miscellaneous administrative expense 1,600 1.5 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 $212,200 on 2019 taxable income will be paid during 2019. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $139,000 cash in May.1. Prepare a budgeted income statement for 209. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Cost of goods sold: Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Income before income tax2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 209 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity