Creasy estimates Income Tax at a rate of 22% of net income before taxes. Use this information plus the information from the previous questions to create the Budgeted Income Statement. Do not use the dollar sign. Budgeted Income Statement Income July August September July - September Statement Sales 3,000,000 COGS 575,000 1,875,000 Gross Profit 375,000 Sales 97,200 270,000 Commissions Sales Salaries 5,000 5,000 15,250 G&A Salaries 10,000 10,000 10,000 30,000 Interest expense -short [125] term Interest expense - long 1,500 1,500 1,500 4,500 term Total Operating 99,425 319,875 Expenses Net Income 291,050 before Taxes Income Tax 54,027 Expense Net Income 191,548 627,997