E23-3 Suresale is a real-estate firm. Suppose that its San Francisco office projects that 20X4 quarterly sales will increase by 4% in quarter 1. by 3% in quarter 2. by 5% in quarter 3, and by 6% in quarter 4. Management expects operating expenses to be 85% of revenues during each of the first two quarters. 79% of revenues during the third quarter, and 81% during the fourth. The office manager expects to borrow $100.000 on July 1, with quarterly principal payments of $10,000 beginning on September 30 and interest paid at an annual rate of 17%. Assume that fourth-quarter 20X3 sales were $3.000.000. Prepare a budgeted income statement for each of the four quarters of 20X4 and for the entire year. Present the 20X4 budget as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Full Year