Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accounts payable Loan payable Common stock Accumulated depreciation-Equipment Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 52,000 122,000 Credit 66,000 127,000 $27,000 36,000 24,000 205,000 61,000 522,000 362,000 10,000 12,000 124,000 $875,000 $875,000 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement