Huber Company has the following post-closing trial balance on December 31, 2024:

Huber Company has the following post-closing trial balance on December 31, 2024: B (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2025: B (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. c. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Requirement 1. Prepare Huber Company's budgeted income statement for the first quarter of 2025. Huber Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Huber Company Post-Closing Trial Balance December 31, 2024 Account Debit Credit Cash $ 18,000 Accounts Receivable 15,500 7,000 25,500 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation 115,000 $ 25,000 Accounts Payable 11,600 Common Stock 70,000 74,400 Retained Earnings $ 181,000 $ 181,000 Totals $ 308,500 Budgeted total sales, all on account Budgeted direct materials to be purchased and used 31,000 Budgeted direct labor cost 11,500 2,000 800 Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: 1,100 71,500 Salaries expense 13,000 Rent expense 4,000 Insurance expense 1,800 Depreciation expense 400 9,255 263,000 Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 42,000 34,000 i Requirements x 1. Prepare Huber Company's budgeted income statement for the first quarter of 2025. 2. Prepare Huber Company's budgeted balance sheet as of March 31, 2025