Brock and Sam started to create a budget (based on last years income and expense statement) but got stuck. They know that you have learned how to create budgets and are asking for your help. They would like you to input the correct values for the first three months of next year. Income and Expense Statement Name(s): Brock and Sam Wilson For the year ending: As of December 31 Dollars Income Wages and salaries Name: Brock Wilson $ 20,000 Name: Sam Wilson 18,000 Bonuses and commissions Brocks bonus 2,000 (1) Total Income: $40,000 Expenses Housing $5,400 Utilities Central Maine Power 600 T-Mobile 300 Food Groceries 1,080 Transportation Auto loan 4,320 Public transportation 2,400 Insurance 900 Taxes 9,500 Fun money Cruise to Mexico 2,500 Parents loan 700 (2) Total Expenses: $27,700 Surplus (Deficit): $12,300 In addition to the statement, you will need to know the following information: They estimated their net annual income (after taxes and employer deductions) at $15,000 for Brock and $13,500 for Sam Insurance is paid at the end of each calendar quarter Sam purchases her commuter pass on the first of each month The parents loan is money they borrowed from Sams parents to pay off their student loans. How much they pay each month is determined by them The fun money listed on the statement is the money spent for a cruise to Mexico. They didnt keep track of any other entertainment expenses (such as dinners out and movies) incurred during the year. Note: Enter a value in each blank cell to get full credit for this exercise, and round all dollar amounts to the nearest whole dollar. Three-Month Cash Budget (By Month) Name(s): Brock and Sam Wilson For: Three months Ending: March 31 January February March Total for Three Months Income Brocks salary Sams salary Total income Expenses Rent Utilities: Central Maine Power T-Mobile Food Automobile Public transportation Insurance Parents loan Fun money Total expenses Cash surplus (deficit) Cumulative surplus (deficit) Looking at the completed budget, what single item would you recommend that they add to their budget? Dividend and interest income Pensions and annuities Savings and investments This is because: The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income. The couple needs to increase their distributions from their retirement plans.