For the year 2005, Martin Sales Corporation has budgeted sales of \($3,500,000\) and budgeted cost of goods sold of \($2,800,000\). In addition, the budget for 2005 includes sales salaries of \($220,000\), administrative salaries of \($130,000\), depreciation of \($180,000\), utilities of \($38,000\), and other expenses of $22,000.

Required: Prepare a budgeted income statement for 2005 for Martin Sales Corporation.