Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of $15.9 million and cost of goods sold of $8.75 million, Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $2.8 million Total administrative expenses are expected to be $675,000. Coral Seas has no interest expense. Income taxes are paid at the rate of percent of operating income Required: 1. Construct a budgeted income statement for Coral Sea Jewelry Company for the coming year. Enter your answers in dollars and not a millions Coral Seas Jewelry Company Budgeted Income Statement For the Coming Year Sales Les Cost of goede sold Gross margin LI Administrative expense Operating income Les Income taxes Het income 2. What if Coral Seas had interest payments of $500,000 duning the year what effect would that have on penting comel On income before taxes? On net income? Ifraefect select "no impact and entero Operating income No Impact Income Decrease utcome Dec