For the second quarter of 200X, Valdez Import Grocery has budgeted sales of $575,000 and budgeted cost of goods sold of $395,500. In addition, the budget for the second quarter of 200X includes wages and salaries of $120,000, rent of $30,000, utilities of $7,800, maintenance of $3,400, insurance of $2,100, and other expenses of $4,700. Required: Prepare a budget income statement for the second quarter of 200X