PR 21-5B Budgeted income statement and balance sheet 1. Budgeted net As a preliminary to requesting budget estimates of sales, costs, and ex $114,660 beginning January 1, 20Y9, the following tentative trial balanc Obi 4, 5 tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Mesa Publishing co Cash... 26,000 Finished Goods Work in Process Materials Prepaid Expenses . Plant and Equipment Accumulated Depreciation-Plant and Equipment. Accounts Payable .. 532000 14,800 30,000 83,100 159,900 $159,900 Retained Earnings.. Factory output and sales be sold at $120 output and sales for 20Y9 are expected to total 3,800 units of product, which are to a20 per unit. The quantities and costs of the inventories at December 31, 20Y9, are Budget estimates of manufacturing costs and operating expenses expected to remain unchanged from the balances at the beginning of the year for the year are summa- rized as follows: Estimated Costs and Expenses Total for Yearl Per Unit Sold) Cost of goods manufactured and sold Direct labor Factory overhead 8.40 4,000 1.400 Depreciation of plant and equipment. 4.80 Other factory overhead Selling expenses: 13.50 Sales salaries and commissions.. Advertising Miscellaneous selling expense 12.800 13.200 1,000 2.50 Administrative expenses 7.00 1.20 2.40 7,800 500 Office and officers salaries Miscelaneous administrative expense 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. Fedenal inconue tax of $35,000 on 20Y9 taxable income will be paid during 2019. Regular quarterly cash dridends of s0.20 per share are expected to be declared and paid in March, June, September and De cember on 20,000 shares of common stock outstanding It is anticipated that fixed assets w be purchased for $22,000 cash in May Instructions budgeted income statement for 20Y9 re a budgeted balance sheet as of December 31, 20Y9, with supporting calculations Prepare a