Budgeted income statement and balance sheetSOAs a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January $1,20$Y$9,$ the following tentative trial balance as of December $31,20$Y$8,$ is prepared by the Accounting Department of Regina Soap Co$.$:CashAccounts ReceivableFinished Goods$$118,000232,50048,800$Work in Process$32,600$MaterialsPrepaid Expenses$53\mathrm{.}5004,000$Plant and Equipment$569,900$Accumulated Depreciation$-$Plant and EquipmentAccounts PayableCommon Stock, $$10$ parRetained Earnings$$245,100220,000344,200$$$1,059,300$$$1,059,300$Factory output and sales for $209$ are expected to total $29,000$ units of product, which are to be sold at $$90$ per unit. The quantities and costs of the inventories at December $31,20$Y$9,$ 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: