Create a Budgeted income statement.

Hugo Incorporated is an online store that sells custom pet collars. Their 2019 Income Statement is below: Hugo Incorporated Income Statement For the year ended December 31, 2019 Net Sales $2,681,250 Cost of Goods Sold 1.950.000 Gross Profit 731,250 Operating Expenses Wages Expense $515,000 Rent 75,500 Repairs and Maintenance 33,000 Utilities 3.000 Other Expenses 2,700 Total Expenses 629.200 Net Income S 102.050 The company sells each collar for $27.50 with a cost of $20 per unit. The company accountant expects total sales to be 95,000 units in 2020. The company signed a new lease for a larger warehouse in 2020 and expects rent to increase by 3%. All other expenses to increase by 5%. The company is purchasing a new delivery truck for $40,000, increasing repairs and maintenance expenses an extra $550. Required: Complete the budgeted income statement for 2020