Haney Company has the following post-closing trial balance on December 31, 2024: Additional information: (Click the icon to view the post-closing trial balance.) a. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. The company's accounting department has gathered the following budgeting information for the first b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax quarter of 2025 : expense are paid in the quarter incurred. (Click the icon to view the budgeting information.) c. Accounts payable at December 31,2024 are paid in the first quarter of 2025 . Read the Requirement 1. Prepare Haney Company's budgeted income statement for the first quarter of 2025. Data table Requirements 1. Prepare Haney Company's budgeted income statement for the first quarter of 2025. 2. Prepare Haney Company's budgeted balance sheet as of March 31, 2025