P-M:5-40A Preparing a financial budget-budgeted income statement and balance sheet Bradley Company has the following post-closing trial balance on December 31,2024 : 5.2-72 Full Alternative Text The company's accounting department has gathered the following budgeting information for the first 5.2-73 Full Alternative Text Additional information: a. Direct materials purchases are paid 70% in the quarter purchased and 30% 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, 2024, are paid in the first quarter of 2025. Requirements 1. Prepare Bradley Company's budgeted income statement for the first quarter of 2025. 2. Prepare Bradley Company's budgeted balance sheet as of March 31, 2025