Pro Chapter 21 Budgesng PR 21-5A Budgeted income statement and balance sheet beginning January 1, 20Y9, the following tentative trial balance as of December 31 ea Obi 4,5 Budgeted net As a preliminary to requesting bsudget estimates of sales, costs, and expenses for the come, s96600 J 51, 20Y8, in prepared by the Accounting Department of Regina Soap Co.: $ 85,000 125,600 Accounts Receivable. Finithed Goods Work in Process Materials Prepaid Expenses Plant and Equipment Accumulated Depreciation-Plant and Equipment . Accounts Payable Common Stock, $10 par Retained Earnings. 32,500 48.900 2,600 325,000 $156,200 62,000 180,000 290,700 5688,900 5688,900 Factory output and sales for 20Y9 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 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 s rized as follows: summa- Estimated Costs and Expenses Fixed (Total for Year) (Per Unit Sele Variable Cost of goods manufactured and sold: $1.10 Direct materials.. Direct labor Factory overhead 12,000 0.40 Other factory overhead Selling expenses: 0.45 46,000 64,000 6,000 Advertising Miscellaneous selling expense 0.25 Administrative expenses: 72,400 5,000 0.12 0.10 0.05 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. Federal income tax of $30,000 on 2019 taxable income will be paid during 20Y9. Regular quarterly 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. It is anticipated that fixed assets will be purchased for $75,000 cash in May Instructions 1. Prepare a budgeted income statement for 20Y9. 2. Prepare a budgeted balance sheet as of December 31, 20Y9, with supporting calculations