Kalven Company has budgeted the following for the year 2020:

1. Sales: 53,200 units; unit selling price $70

2. Cost of one unit of finished goods: direct materials, 2kg at $4 per kg; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour.

3. Selling and administrative expenses: $161,000

4. Income taxes: 25% of income before income taxes.

Prepare a budgeted income statement for 2020.