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 , 20y 4 , the faltowing tentative trial balance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co:: Factory output and sales foe 20VA are expected to total 28,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inyentories at December 31,204, are expected to remain unchanged from the balances ot the begineing of the vear. Badaet estimates af manufoctuning costs and operating expenses for the year are summarized as follons: 3 mote Check thy Work uses temaining Balances of aceounts receivable, brepaid expencec, and acceumts pevable at the end of the year are not axpected to diter bignificantiy from the begitening halances. Federal income tax of $199,900 an 20Y4 taxable incere will be paid during 20Yd, Aegular quartery caah dividands of \$11 per share are expected to be declared and paid in March, June, September, and December an 35.000 shares of comenon stack ouestanding. It ii antecipated that fixed atsets will be purchased for It s2,000 cash in May. Hequifredi 1. Prepare a bidoeted income statement fot 70sit Redina soad Co 2. Prepare a budgeted balance sheet as of December 31,20 Y 4 . Regina Soap Co. Budgeted Balance Sheet December 31, 20Y4 Assets Current assets: inventories: Total ourrent assets Property, plant, and equipenem: Liabilities Current liabilities! 'stockholders' Equity Tnventaries: Total current assets Property, plant, and equipment: Total assets Current liabilities