Budgeted Income statement and Balance Sheet As a preliminary to requesting budget estimates of saies, costs, and expenses for the fiscal year beginning January 1 , 20Y4, the folloning tentative trial balance as of December 31,2093 , is prepared by the Accounting Department of Megina Soap Co.1 Factory output and sales for 20Y4 are expected to total 27,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventories at December 31,20Y4, 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 bolances. Federal income tax of $192,800 on 20Y4 taxable income will be paid during 20Y4. Regular quarteriy 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 $156,000 cash in Mayy. Required: 1. Prepare a budgeted income statement for 20Y. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y4 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 2. Prepare a budgeted balance sheet as of December 31,20 Y. Reaina Soap Co. Property, plant, and equipment: Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity