Budgeted income statement and balance sheet udgeted net As a preliminary to requesting budget estimates of sales, costs, and xpnsefiscal PR 21-5A 31, 20y g January 1, 20Y9, the following tentative trial balance as of December prepared by the Accounting Department of Regina Soap co. 85,000 125,600 69,300 32,500 48,900 2,600 325,000 EXCEL TEMPLATE Finished Goods Materials Prepaid Expenses Plant and Equipment Accumulated Depreciation-Plant and Equipment 62,000 Accounts Payable Common Stock, $10 par Retained Earnings. 290,700 5688,900 Factory output and sales for 20Y9 are expected to total 200,000 units of product, which are to be sold at $5.00 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 summa- rized as follows: Estimated Costs and Expenses Variable Total for Year) (Per Unit Sold) Cost of goods manufactured and sold Direct materials Direct labor Factory overhead 0.65 $40,000 12,000 Other factory overhead 0.40 Selling expenses: 46,000 64,000 6,000 0.45 Miscellaneous selling expense.... Administrative expenses: Office and officers salaries.. Supplies.... Miscellaneous administrative expense 72,400 5,000 4,000 0.10 0.05 Balances of accounts receivable, prepaid expenses, and accounts payable at the year are not expected to differ significantly from the beginning balances. Federa of $30,000 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash of $0.15 per share are expected to be declared and paid in March, June, Septemassets December on 18,000 shares of common stock outstanding. It is anticipated that fi will be purchased for $75,000 cash in May. Instructions 1. Prepare a budgeted income statement for 20Y9. 2. Prepare a budgeted balance sheet as of December 31, 20Y9, with supporting ca end of the l income