Budgeted Income Statement and Balance Sheet As a preliminary to using buget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2013, the following tertive trance of December 31, 2018, prepared by the Amunting Department of Regina Soap Co.: 5114,400 Accounts Receivable 213,900 Finished Goods 44,900 Work in Process 29,900 Materials 49.200 Prepaid Expenses 3,600 Plant and ment 566,100 Accumulated Depreciation--Pant and Equipment $243.500 Accounts Payable 206,200 Common Stock $10 per 250.000 Retained Earnings 322,500 $1,022,200 $1,022,200 Factory output and sales for 2019 are expected to total 28,000 units of product, which are to be sold $120 per unit. The quantities and of the inventaries December 31, 2019, are expected to remain unchanged from the balances at the beginning of the year Audget estimates of manufacturing costs and operating expenses for the year are summarised to Estimated costs and Expenses Pred Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold Direct materials $30 Direct labor 95 Factory overhead Depreciation of plant and woment $20.000 Other factory overhead 8,700 5.5 Selling expenses Swes salaries and commons 100,500 15 Advertising 84,000 Miscellaneous selling expense Miscellaneous selling expense 7,300 2.5 Administrative expenses Office and officers salaries 66,100 Supplies 1,400 1 Miscellaneous administrative expense 1.800 2 Blaces of accounts receivable, prepaid expenses, and accounts payable at the end of the year we not expected to differ nificantly from the beginning Federal income tax of $104,900 on 2079 come il paid during 2019. Regular quarterly Cath dividends of 51 per share are expected to be dedores de March, Dune, September, and December on 25.000 shares of common stock avtanding. It started assets will be purchased for 153,000 cash in May Required: 1. Prepare a budgeted income statement for 2019. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Cost of goods sold Cost of good old Gross pront Operating expenses Sailing expenses 00 Total selling expenses Administrative experies: Quo Q. Total administrative expenses TULOS NO Total administrative expenses Total operating expenses Income before income tax 2. Prepare a budgeted balance sheet as of December 31, 2019 Budgeted Balance Sheet December Assets Current auss: Inventories Total current Property plant and equipment Total poperty, plant, and event Labies Current abilities stochondre Eur Knowa Me 0 2. Prepare a budgeted balance sheet as of December 31, 2049 Regina Soup Co. Budgeted Balance Sheet December 31, 2019 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