Vang Company has the following post$-$closing trial balance on December $31,2024$:

$($Click the icon to view the post$-$closing trial balance.$)$

The company's accounting department has gathered the following budgeting information for the first quarter of $2025$ :

$($Click the icon to view the budgeting information.$)$

Additional information:

a$.$ Direct materials purchases are paid $50\%$ in the quarter purchased and $50\%$ in the next quarter.

b$.$ Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter

incurred.

c$.$ Accounts payable at December $31,2024$ are paid in the first quarter of $2025.$

Read the requirements.

Requirement $1.$ Prepare Vang Company's budgeted income statement for the first quarter of $2025.$

Requirement $2.$ Prepare Vang Company's budgeted balance sheet

Data table

Data table