In the fourth quarter of 2023, Daisy's Doodle Maker had the following net income: Sales $500,000 Less variable cost of sales: Materials 100,000 Labor and Overhead 50,000 Contribution margin 350,000 Fixed Production and SG&A costs 150,000 Income before taxes 200,000 Income taxes 80,000 Net income $120,000 Sales and Variable Cost of Sales are increasing by 10% in Q1 2024 Taxes are 40 percent of pretax income and are paid in the quarter incurred. Sixty percent of sales are collected in the quarter of sale and 40 percent in the next quarter. Seventy percent of material purchases are paid in the quarter of purchase and 30 percent in the next quarter. Labor and overhead are paid for in the quarter the expenses are incurred. Fixed Production and SG&A costs are anticipated to increase by 5%, other than the $10,000 of depreciation costs, which will remain the same in Q1 2024. Fixed Production and SG&A costs, other than depreciation, are paid in the quarter incurred. No purchases of capital equipment are planned in Q1 2014. The cash balance at the end of 2023 was $50,000. Required: Prepare a budgeted income statement for Q1 2024. Prepare a cash budget for Q1 2024