Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of $16,200,000 and cost of goods sold of $8,910,000. Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $2,916,000. Total administrative expenses are expected to be $648,000. Coral Seas has no interest expense. Income taxes are paid at the rate of 40 percent of operating income. Required: 1. Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year. Coral Seas Jewelry Company Budgeted Income Statement For the Coming Year Gross margin Less: Operating income 00 10000