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Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1 , 20O4, the following tentative trial balance as of December 31,20Y3, is prepared by the Accounting Department of Regina Soap Co.: Factory output and sales for 20Y4 are expected to total 29,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventories at December 31,20Y4, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: beginning balances. Federal income tax of $207,100 on 20Y4 taxable income will be paid during 20Y4. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $159,000 cash in May. 1 Regina Soap Co. Budgeted Balance Sheet December 31, 20Y4 Assets Current assets: Inventories: \begin{tabular}{l} Finished qoods \\ Work in process \\ \hline Materials \\ Prepaid expenses \end{tabular} Total current assets Property, plant, and equipment: Current liabilities: Accounts payable \begin{tabular}{|ll|l|} \hline Common stock \\ \hline Retained earnings \\ \hline Total stockholders' equity \\ Total liabilities and stockholders' equity & \\ \hline \end{tabular}