expense of $4,000 per quarter, insurance expense of s, o per quarter, straight- line depreciation of $3,000 per quarter, and 1% monthly interest on the $150,000 long-term note payable (12% annually). Income taxes will be assessed at 25%, and are paid in the quarter incurred. Production Direct Mtls Direct Lbr Factory OH Selling Exp Admin Exp Cost of mcome Sales Budget Budget Budget Budget Budget Budget Budget Goods Sold Sttement Requirement Prepare the Budgeted Income Statement for the year for Mitchell Inc. Interest on the $150,000 long-term note payable is 196 per month (12% annually) Income taxes will be assessed at 25%, and are paid in the quarter incurred. Mitchell Inc. Budgeted Income Statement For the year ended December 31, 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative e Interest expense Total operating expenses Income before income taxes Income tax expense Net income Cost of Goods Sold