Need the ones with the red X corrected

w balance of December 11 20 Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January prepared by the Accounting Department of Mesa Publishing Co. Cash Accounts Receivable Finished Goods Work in Process Materials Prepaid Expenses Plant and Equipment Accumulated Depreciation Accounts Payable Common Stock $1.50 par Retained Earnings 3.100 159.900 $199.900 $32.000 14.00 30.000 , Factory output and sales for 2015 expected to tota 3.900 of product which are to be sold at 5120 per unit. The Guantities and costs of the inventorest December 31, 2 expected to remain unchanged from the balances at the beging of the Year Budget estimates of manufacturing costs and operating expenses for the year are summarized as follow Estimated costs and Expens Fored Variable (Total for Year) (Per Unit Sold) $30.00 Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead: Depreciation of plant and equipment Other factory overhead Selling expenses: Sales salaries and commissions Advertising $ 4,000 1.400 12,800 13.200 1.000 Miscellaneous selling expense Administrative expenses: Office and officers salaries 7,800 Supplies Miscellaneous administrative expense 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 $35,000 on 2049 taxable income will be paid during 2019. Regular quarterly cash dividends of $0.20 per share are expected to be declared and paid in March. June. September and December on 20.000 shares of common stock outstanding. It is anticipated that food assets will be purchased for $22.000 cash in May. Budgeted Balance Sheet December 31, 2019 Current assets: Cash 79,660 Accounts receivable 23,800 Inventories: Finished goods 16,900 Work in process 4,200 6,400 27,500 Materials Prepaid expenses 600 S$ 131,560 Total current assets Property, plant, and equipment: plant and equipment SS 104,000 Accumulated depreciation 36,000 Total property, plant, and equipment 68,000 Total assets $$ 199,560 X Liabilities Current liabilities: 55 14,800 Stockholders' Equity 30,000 nas 181,760 Total stockholders' equity 184,760 Total liabilities and stockholders $ 199,560 x