INCOME STATEMENT FOR THE YEAR ENDING20XX PARTICULARS Amt($) Sales 33600 Less Cost of Goods Sold 12600 Gross Profit 21000 Less Operating and Admin. Expenses Advertising Exp 2000 Bank Fees 150 Phone/Internet 1200 Shipping 1260 Utilities 900 Office Supplies 800 Depreciation 800 Total Admin/Operating Expenses 7110 Profit Before Tax and Interest 13890 Less Repayment of note payable 5000 Interest on notes payable 350 Profit Before Tax 8540 Less Tax at 26% 2220 Net Profit 6320 Budget Preparation: The Lees believe that production and sales could double after being on Shark Tank which is scheduled in December of 20XY. They want to be prepared for this. Based on the budgeted income statement calculated above for 20XY, create a new budgeted income for 20XZ assuming that the production and sales is double the level of 20XY.