also, what is the following for Q1, Q2, Q3, Q4, and year:

Less: Operating Expenses

Net Income

Monachino Motors is a chain of car dealerships. Sales in the fourth quarter of last year wore $4,000,000. Suppose managoment projects that its cunent year's quarterly tales wia increase by 7% in quarter 1 , by another 4% in quarter 2 , by anether 3% in quarter 3 and by another 5% in quarter 4 . Management expects cost of goods sold to be 40% of reverities every quarter, while operating expenses should be 35% of revenues during each of the frst two quarfers, 20% of revenues during tho third quarter, and 30% during the fourth quartor. Requirement Prepare a bodgeted income statement for each of the four quartors and for the entire yoar Prepare the first portion of the budgeted income statement throvigh gross profit, then complate the statement. (Round the amounts to the neacest whole doliat)