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 , 20Y9, the following tentative trial balance as of December 31,20Y, is prepared by the Accounting Department of Regina Soap Co.: Factory output and sales for 20Y9 are expected to total 23,000 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. Budget 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 $195,200 on 20Y9 taxable income will be paid during 20Y. 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 common stock outstanding. It is anticipated that fixed assets will be purchased for $121,000 cash in May. Required: 1. Prepare a budgeted income statement for 20Y9. 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20 Y9 Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses $ 2. Prepare a budgeted balance sheet as of December 31,20Y. 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 $