Please, check on my work on requirement 1, and solve requirement 2 for me. Thanks

Sosa Company has the following post-closing trial balance on December 31, 2018: (Click the icon to view the post-closing trial balance.) Additional information: a. Direct materials purchases are paid 60% in the quarter purchased and 40% 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, 2018 are paid in the first quarter of 2019. The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budgeting information.) Read the requirements X Data Table Requirement 1. Prepare Sosa Company's budgeted income statement for the first quarter of 2019. Sosa Company Post-Closing Trial Balance December 31, 2018 Account Debit Credit Sosa Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Sales Revenue 308,500 71,600 Cost of Goods Sold Gross Profit 236,900 24,155 Selling and Administrative Expenses Income before Income Taxes 212,745 Income Tax Expense 44,000 168,745 Net Income Cash $ 25,000 Accounts Receivable 20,300 10,000 25,800 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 110,000 $ Requirement 2. Prepare Sosa Company's budgeted balance sheet as of March 31, 2019. 50,000 16,500 80,000 44,600 Common Stock Sosa Company Budgeted Balance Sheet Retained Earnings $ 191,100 $ 191,100 Enter any number in the edit fields and then continue to the next question. Totals Data Table Data Table - X $ 308,500 34.000 Sosa Company Post-Closing Trial Balance December 31, 2018 Debit 14,000 Account Credit Cash $ 2.900 25,000 20,300 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 Accounts Receivable 500 10.000 1,450 25,800 71,600 Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable 110,000 $ 50,000 9,000 16,500 3,500 2,000 Common Stock 80,000 44,600 Retained Earnings Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 400 9,255 $ Totals 191,100 $ 191,100 261,000 44,000 Print Done 41,000 Requirement 2. Prepare Sosa Company's budgeted balance sheet as of March 31, 2019. Sosa Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 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