Income Statement For the Year Ended January 31, 2020 Revenues $840,000 Expenses: Administrative Costs Marketing Variable Wages $24,000 $10,000 $336,000 Management Salaries $119,000 $208,000 $30,000 Rent Utilities Total Expenses Net Income $727,000 $113,000 Beta Hotel is a limited-service hotel with 18 rooms and no food and beverage operations. Management does not intend to spend a lot of time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement: Revenues will increase by 3% Marketing costs will decrease by 4% Management salaries will increase by 3% Variable wages will remain consistent as a percentage of revenue Utilities will increase by 4% Administrative costs and rent will remain the same

Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending January 31, 2021 using the incremental budgeting approach