Budgeted income statement and balance sheet. As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1 , 20 i 9 , the following tentative trial balance as of December 31 , 20 Y 8 , is prepared by the Accounting Department of Regina Soap Co:: Factory output and sales for 20 y 9 are expected to total 24,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at Budnet estimates of manufacturing costs and operating expenses for the year are summarized as follows: Balances of accounts receivable, prepaid expenses, and accounts payable at the ena or trie year ate me expected to differ significantly from the beginning balances. Federal income tax of $261 , 400 on 20 y 9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of $1 per share are expected to be deciared and 1. Prepare a budgeted income statement for 20 Y 9 . Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20 Y9 Operating expenses: Selling expenses: Sales salaries and commissions ? Advertising Miscellaneous selling expense ? Total selling expenses Administrative expenses: Office and officers salaries ? ? Administrative expenses: Office and officers salaries v Supplies ? ? Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense ? Net income Feedback 2. Prepare a budgeted balance sheet as of December 31 , 20 Y 9 , Renina Snan Co. Plant and equipment ? ? Accumulated depreciation ? Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable ? Stockholders' Equity Common stock V Retained earnings ? Total stockholders' equity Total liabilities and stockholders' equity