PR 22-SA Budgeted Income statement and balance sheet OB. 45 As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiseil year beginning January 1, 2017, the following tentative trial balance as of December 31, 2016, is prepared by the Accounting Department of Regina Soup Co. Cash $ 85.000 Accounts Receivable 125.600 Finished Goods 69,300 Work in Process 32.500 Materials .... 48.900 Prepaid Expenses ... 2,600 Plant and Equipment 325,000 Accumulated Depreciation $156,200 Accounts Payable 62.000 Common Stock 510 par 180,000 Retained Earnings... 290, 700 $688.900 SORR 900 Factory output and sales for 2017 are expected to total 200.000 units of product, which are to be sold at $5.00 per unit. The quantities and costs of the inventories at December 31. 2017, 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 ummarized as follows Estimated costs and Expenses Variable Total for Year PerUnit Son 51.10 Cost of goods manufactured and so Direct materials... Direct labor... factory overhead: Depreciation of plant and equipment Other factory overhead.xxx Selling expenses: Sales salaries and commissions.. . 50.000 0.40 46.000 64.000 6,000 Miscellaneous selling expense. Administrative expenses Office and officers salaries... Supplies.. Miscellaneous administrative expe 0,12 72.400 5.000 4000 0.10 0.05 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 $30,000 on 2017 taxable income will be paid during 2017. Regular quar terly cash dividends of $0.15 per share are expected to be declared and paid in March, June, September, and December on 18.000 shares of common stock outstanding anticipated that fixed assets will be purchased for 575.000 cash in May. Instructions Prepare a budgeted income statement for 2017 Prepare a budgeted balance sheets of December 31, 2017, with supporting cakulations