1. Develop a quarterly budget for a consulting firm with the following projections:
   1. Expected revenues: $1,200,000
   2. Anticipated cost of services: $600,000
   3. Projected operating expenses: $300,000
   4. Interest expenses estimated at $50,000
   5. Tax rate of 30%

Present the budgeted income statement for the consulting firm, providing insights into potential profitability and cost management strategies.