could you please put the steps to this question, thank you :)

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, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.:

Cash	$114,300
Accounts Receivable	218,300
Finished Goods	45,800
Work in Process	30,600
Materials	50,200
Prepaid Expenses	3,700
Plant and Equipment	554,400
Accumulated DepreciationPlant and Equipment			$238,400
Accounts Payable			186,800
Common Stock, $10 par			300,000
Retained Earnings			292,100
	$1,017,300		$1,017,300

Factory output and sales for 20Y9 are expected to total 27,000 units of product, which are to be sold at $120 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 summarized as follows:

	Estimated Costs and Expenses
	Fixed (Total for Year)		Variable (Per Unit Sold)
Cost of goods manufactured and sold:
Direct materials	_		$30
Direct labor	_		9.5
Factory overhead:
Depreciation of plant and equipment	$27,000		_
Other factory overhead	8,400		5.5
Selling expenses:
Sales salaries and commissions	96,900		15
Advertising	81,000		_
Miscellaneous selling expense	7,000		2.5
Administrative expenses:
Office and officers salaries	63,700		7.5
Supplies	3,200		1
Miscellaneous administrative expense	1,700		2

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 $294,000 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly 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 $150,000 cash in May.

Required 1. Prepare a budgeted income statement for 20Y9 Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Sales Cost of goods sold Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense Net income