Please make sure that both requirements are answered as well. Thank you

Requirements 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. 2. Prepare a budgeted balance sheet as of March 31, 2019. I Free Company has the following post-closing trial balance on December 31, 2018: (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 2019: (Click the icon to view the budget information.) Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Free Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Gross Profit Selling and Administrative Expenses: Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) Data table Account Cash Free Company Post-Closing Trial Balance December 31, 2018 Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Debit $ 22,000 18,000 17,000 1,000 50,000 Credit 28,000 18,000 6,300 16,000 39,700 Data table Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense Salaries expense Rent expense Depreciation expense Insurance expense Budgeted cash receipts from customers Budgeted cash payments for merchandise inventory Budgeted cash payments for salaries and commissions Budgeted income tax expense 121,300 60,500 60,650 6,065 6,500 4,600 400 200 126,230 68,575 14,836 4,900