E9- Budgeted income statement (Learning Objective 2) 26A Rerkner Motors is a chain of car dealerships. Sales in the fourth quarter of last year were s3.700,000. Suppose management projects that its current year's quarterly sales will in- crease by another 5% in quarter 4, Management expects cost of goods sold to be 55% of revenues every quarter, while operating expenses should be 35% of revenues during each of the first two quarters, 25% of revenues during the third quarter, and 20% during the fourth quarter. 2% in quarter 1, by another 4% in quarter 2, by another3%in quarter 3, and by Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year