Prepare the Budgeted Income Statement with the information above and the following information: Manufacturing overhead required per unit is 2.5 Interest Expense is $12,000. Income tax rate is 15.5% Prepare the Cash Budget assuming: January 1, 2020 cash balance is expected to be $60,000 Sales are expected to be collected: 60% in the quarter of the sale. 25% one quarter after the sale. 15% two quarter after the sale. Accounts Receivable of $68,000 at December 31, 2019 are expected to be collected in full, $40,000 in the first quarter and the remaining in the second quarter of 2020. Direct material is expected to be paid: 35% in the quarter of purchase. 35% one quarter after the purchase. 30% two quarter after the purchase. Short term investments are expected to be sold for $5,000 in the second quarter and $3,500 in the third quarter. Long term investment is expected to be sold for $25,000 in the third quarter. Direct labor is 100% paid in the quarter incurred. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred. Management plans to purchase a minivan in the fourth quarter for $35,000, and a delivery truck in the third quarter for $10,600. McGregor makes equal quarterly payments of its estimated annual income taxes. Accounts payable of $25,500 at December 31, 2019 are expected to be paid in full in the second quarter. McGregor wishes to maintain a balance of at least $30,000 in cash. Assume interest of $1,000 in the repayment Common Stock are expected to be issued in the fourth quarter for an amount of 20,000. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $30,000 minimum required balance). Prepare the Budgeted Balance Sheet with the information above and the following information: Pertinent data at December 31, 2019 are as follows: Building and equipment, $250,000 Accumulated depreciation $120,000 Common stocks $201,000 Retained earnings $230,997.48 The accounts that should be in the statements are: Cash Account receivable Finished goods inventory Raw material inventory Accounts payable The accounts mentioned in part 1 of this