Budgeted income statement and balance sheet- As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20 y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Factory output and sales for 20rg are expected to total 29,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31,20Y9, are expected to remain unchanged from the batances 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 20Y9 are expected to total 29,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31,20y9, are expected to remain unchanged from the balances at the beginning of the year. Eudget estimates of manufacturing costs and operating expenses for the year are summarized as follows: 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 $246,200 on 20 Y taxable income will be paid during 20Y9. 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 $163,000 cash in May. Required: 1. Prepare a budgeted income statement for 20rg. 2. Prepare a budgeted balance sheet as of December 31,20 . 9 . Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Curtent liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity