I need help figuring out the two answers that are marked wrong and need help with what belongs under "Bank Loan Interest Expense" in the budgeted income statement. Thanks!

Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000 b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. C. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $700,000; and July (budgeted), $750,000. d. Budgeted cash disbursements for salaries in July: $275,000. e. Budgeted depreciation expense for July: $36,000 f. Other cash expenses budgeted for July: $200,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid July 31: $6,600 Additional Information: a. Cost of goods sold is 55% of sales b. Inventory at the end of June is $80,000 and at the end of July is $60,000. c. Salaries payable on June 30 are $50,000 and are expected to be $60,000 on July 31 d. The equipment account balance is $1,600,000 on July 31. On June 30, the e. The $6,600 cash payment of interest represents the 1% monthly expense on a bank f. Income taxes payable on July 31 are $30,720, and the income tax rate applicable to g. The only other balance sheet accounts are: Common Stock, with a balance of accumulated depreciation on equipment is $280,000. loan of $660,000 the company is 30%. $600,000 on June 30; and Retained Earnings, with a balance of $964,000 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. Answer is complete and correct. Calculation of Cash Receipts From Sales July 31 Accounts Collected i Total Sales May June July Credit sales from: May June July Totals 1,200,000 1,400,000 4,320,000 $516,000 1,220,000$1,364.000 1,220,000 1,720,000 $516,000860,000 $ 344,000 600,000 420,000 360,000 240,000 980,000 Calculation of Cash Payments for Merchandise Paidi July 31 Accounts Total urchases June July Purchases from: June July Totals 700,000 420,000 280,000 750,000 450,000 300,000 1,450,000 $420,000 $730,000 $300,000 Answer is not complete ACCO COMPANY Budgeted Income Statement For Month Ended July 31 Sales Cost of goods sold Gross profit Operating expenses $1,400,000 770,000 630,000 285.000 36,000 200,000 6,600 Salaries expense Other cash expenses Bank loan interest expense Total operating expenses Income before taxes Income tax expense Net income 527,600 102.400 30,720 71,680 ACCO COMPANY Budgeted Balance Sheet As of July 31 Assets S 202,400 Cash Accounts receivable Inventory 1,220,000 | 60,0000 Total current assets 1,482,400 | 1,600,000 (316,000) Equipment Accumulated depreciation 1,284,000 Total assets Liabilities and Equity Liabilities 2,766,400 ! 300,0000 Accounts payable Salaries payable Income taxes payable 60,0000 110,720 Total current liabilities Bank loan payable Total liabilities Stockholders' Equity 470,720 660,000 1,130,720 600,000 | 1,035,680 Common stock Retained earnings Total Stockholders' equity 1,635,680 Total Liabilities and Equity 2,766,400