3. Budgeted quarterly income statement given the following: During the first quarter, the company received a government subvention of $100,000, and the government maintained its taxes rate at 30%. The selling and administrative expenses are as follows: Q1: 485,827$ - Q2: 809,712$ - Q3: 485,827$ - Q4: 1,457,481$ One of the production lines is obsolete and the committee expects to replace it during the second quarter. The residual value of the production line is 45,000$, and it was replaced by a new production line costing 500,000$. (Non-anonymous question o) (40 Points) 3. Budgeted quarterly income statement given the following: During the first quarter, the company received a government subvention of $100,000, and the government maintained its taxes rate at 30%. The selling and administrative expenses are as follows: Q1: 485,827$ - Q2: 809,712$ - Q3: 485,827$ - Q4: 1,457,481$ One of the production lines is obsolete and the committee expects to replace it during the second quarter. The residual value of the production line is 45,000$, and it was replaced by a new production line costing 500,000$. (Non-anonymous question o) (40 Points)