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Budgeted income statement and balsnce sheet, As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning lanuary 1,20 , December 31, 20Y8, is prepared by the Accounting Department of Mesa Publishing Co.: Factory output and sales for 20 ig are expected to total 3,800 units of preduct, which are to be sold at 5120 per unit. The quantities and costs of the inventories at December 31, 20rg; are expected to remain unchanged from the balances at the beginning of the veac. Budgot estimates of manufacturing costs and eperating expenses for the year are summarized as follows: I more Check My Work wses remaining. 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 20 taxable income will be paid during 20r9. Regular quarterly cash dividends of so.20 per share are expected to be declared and pald in March, June, September, and December on 20,000 shares of common stock outstanding. It is anticipated that ficed assets will be purchased for $22,000 cash in May: Required: 1. Prepare a budgeted income statement for 209. Mesa Publishing Co. Budgeted Income statement For the Year Ending December 31, 20 Y 3 more Check My Work uses remaining 1. Prepare a budgeted income statement for 20Y9. Mesa Publishina Cn 2. Prepare a budpeted balance sheet as of December 31. 20 Y9. Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Check My Work 3 more Check My Work uses remeining