Irwin Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) a. I Additional information: 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. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. The company's accounting department has gathered the following budgeting information for the first quarter of 2025: BE: (Click the icon to view the budgeting information.) C. Read the requirements. Requirement 1. Prepare Irwin Company's budgeted income statement for the first quarter of 2025. Irwin Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue $ 309,000 Cost of Goods Sold 71,300 Gross Profit 237,700 Selling and Administrative Expenses 14,580 Income before Income Taxes 223,120 Income Tax Expense 43,000 $ 180,120 Net Income Data table Irwin Company Post-Closing Trial Balance December 31, 2024 Account Debit Credit Cash $ 40,000 22,800 7,000 25,000 145,000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings $ 10,000 11,600 60,000 158,200 $ 239,800 $ 239,800 Totals Print Done Data table $ 309,000 34,000 13,320 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: 2,500 900 1,450 71,300 Salaries expense 5,000 Rent expense 1,500 Insurance expense 1,600 300 Depreciation expense Supplies expense 6,180 Budgeted cash receipts from customers 265,000 Print Done - Data table 13,320 Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation 2,500 900 Insurance and property taxes 1,450 Budgeted cost of goods sold 71,300 Budgeted selling and administrative expenses: Salaries expense 5,000 Rent expense 1,500 Insurance expense 1,600 300 6,180 Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense 265,000 43,000 Budgeted purchase and payment for capital expenditures (additional equipment) 42,000 Print Done Irwin Company Budgeted Balance Sheet March 31, 2025 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 7,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation TULAI VULCHILJOOL Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity $ Common Stock $ 60,000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity