Cornwall Moble Detalling (CMD) is a sevice thatwashes and detall a customer's vehicle et thelr home or office li operates on a membership basls. Members pay $200 dues permonth, which entite them to a completewash and detal service monthly. Members may also order additional car vashes durlng the month at a fee of $75. Additional washes are common in both summer arid winter months. The number of members also varles with the season. Thenumber of members and he averagenumber of add tional washes by members for the months of interest follow. Cornall allows members to pay for dues on credit. Cornwalls expentence is that 40 percent of its members pay cash for the dues, 50 percent o the members pay the dues for a month la the next month, 5 percent in the second month after. The remainderis uncollectible. Additional washes are payablein cash. Cornwall esimates that the number of members la July shouid increase 20 percent above June levels, and the number of additional washes permembersnouldincrease by an estimated 125 percent. The following information is avallable for costs incurred in June. All costs except depreclation are paid In sash Veribble senve and markethig costs change with volume. measured by number of members. Fixed depreclation will remain the same. out fixec admizistrative costs wilincrease by 10 percent beginning July 1 . Equipment malntenance is outsourced and the contract calls for 3 pertentincrease oeglanlag vuly Required: Prepare a buegeted income statement for yuly Note: Do not round intermediate calculations