Klunk Company has the following post-closing trial balance on December 31, 2018: (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budget information.) Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount. Read the requirements. Requirement 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. Klunk Company Budgeted Income Statement For the Quarter Ended March 31, 2019 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income (Loss) Net Income (Loss) Help me solve this Etext pages Get more help Requirements 1. Prepare a budgeted income statement for the quarter ended March 31, 2019. 2. Prepare a budgeted balance sheet as of March 31, 2019. Print Done Clear all Check answer Data table Budgeted total sales, all on account Budgeted purchases of merchandise inventory, all on account Budgeted cost of goods sold Budgeted selling and administrative expenses: Commissions expense $ 121,200 60,500 60,600 6,060 Salaries expense Rent expense Depreciation expense 3,000 5,000 300 Insurance expense 100 Budgeted cash receipts from customers 126,120 Budgeted cash payments for merchandise inventory 68,725 Budgeted cash payments for salaries and commissions 15,243 Budgeted income tax expense 5,300 Print Done - X Data table Klunk Company Post-Closing Trial Balance December 31, 2018 Account Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock Retained Earnings Totals Debit Credit $ 19,000 24,000 16,500 1,300 34,000 16,000 17,000 6,100 16,000 39,700 94,800 $ 94,800 Print Done