Sosa Company has the following post-closing trial Additional information: balance on December 31, 2016: a. Direct materials purchases are paid 60% in the (Click the icon to view the post-closing trial balance.) quarter purchased and 40% in the next quarter. The company's accounting department has gathered the b. Direct labor, manufacturing overhead, selling following budgeting information for the first quarter of and administrative costs, and income tax 2017 expense are paid in the quarter incurred. (Click the icon to view the budgeting information.) Read the requirements. Requirement 1. Prepare Sosa Company's budgeted income statement for the first quarter of 2017. Data table Data table Requirements 1. Prepare Sosa Company's budgeted income statement for the first quarter of 2017. 2. Prepare Sosa Company's budgeted statement of cash flows for the first quarter of 2017. 3. Prepare Sosa Company's budgeted balance sheet as of March 31, 2017. Hint: Use the budgeted statement of cash flows prepared in Requirement 2 to determine the Cash balance