help plz

Sharpe Company has the following post-clowing trial balance on December 31,2024 Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgoting information for the first quater of 2025 : (Click the icon to vow the budgeting inflometion) Additional inlorma5ion: a. Direct materiais purchases are paid 50% in the quarter purchased and so\% in the neat quarter: b. Duect labor, manulacturing overtoad, soling and administrative costs, and income tax expense are paid in the quarter incurred. c. Accounts payatle at December 31,2024 are paid in the frst quarler of 2025 Read the requdrements. Requirement 1. Prepare Sharpe Company's budgoted income statement for the first quarter of 2025 Requirement 2. Prepare Sharpe Combanv's budaeted balance sheet as of March 31, 2025. Accounts Receivable Raw Materials Inventory 14,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Sharpe Company Post-Closing Trial Balance December 31, 2024 Account Debit Credit Cash Accounts Receivable 15,500 Raw Materials Inventory 14,000 Finished Goods Inventory 25,200 Equipment 160,000 Accumulated Depreciation 70,000 Accounts Payable 14,500 Common Stock 120,000 Retained Earnings 35,200 Totals Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense $309,000 38,000 14,000 2,300 1,000 1,050 71,200 10,000 1,000 1,400 450 12,360 261,500 46,000 36,000 Budgeted purchase and payment for capital expenditures (additional equipment)