Budgeted Income Statement and Balarice Sheet. Required: 1. Prepare a budgeted income statement for 20Y4. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y4 Cost of goods sold: Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Income before income tax $ $ 2. Prepare a budgeted balance sheet as of December 31,20Y4. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y4 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total assets (1) Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity