Can someone help me on #2 please! (Blue box)

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, 2049, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable $106,400 192,600 40,400 Finished Goods Work in Process 27,000 Materials 44,300 Prepaid Expenses 3,300 Plant and Equipment 480,900 Accumulated Depreciation-Plant and Equipment $206,800 Accounts Payable 131,900 Common Stock, $10 par Retained Earnings 206,200 $894,900 $894,900 Factory output and sales for 2049 are expected to total 24,000 units of product, which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 2089, are expected to remain unchanged from the balances at the beginning of the year. 350,000 Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials Direct labor $28 8.5 Factory overhead: $24,000 Depreciation of plant and equipment Other factory overhead Selling expenses: 5 7,400 5 Sales salaries and commissions 86,200 14 72,000 Advertising Miscellaneous selling expense Administrative expenses: 6,200 2 Office and officers salaries 56,600 7 Supplies 2,900 1 Miscellaneous administrative expense 1,500 1.5 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $232,600 on 2049 taxable income will be paid during 2049. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $130,000 cash in May. Required: 1. Prepare a budgeted income statement for 2049. Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $232,600 on 2049 taxable income will be paid during 2049. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $130,000 cash in May. Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales 2,640,000 Cost of goods sold: Direct materials 672,000 204,000 Direct labor Factory overhead 151,400 1,027,400 1,612,600 Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions 422,200 Advertising 72,000 Miscellaneous selling expense 54,200 548,400 Total selling expenses Administrative expenses: Office and officers salaries 224,600 Supplies 26,900 Miscellaneous administrative expense 37,500 Total administrative expenses 289,000 837,400 Total operating expenses Income before income tax Income tax expense 775,200 232,600 Net income 542,600 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 2049 Assets Current assets: Cash -106,400 X Accounts receivable 192,600 Inventories: Finished goods 40,400 Work in process 27,000 Materials 44,300 111,700 Prepaid expenses 3,300 Total current assets 414,000 X Property, plant, and equipment: Plant and equipment 480,900 x Accumulated depreciation 206,800 X Total property, plant, and equipment 587,700 x Total assets 1,001,700 x Liabilities Current liabilities: Accounts payable 131,900 Stockholders' Equity Common stock 35,000 Retained earnings 206,200 x Total stockholders' equity Total liabilities and stockholders' equity