Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 52,200 122, 200 Credit 66,200 127,200 $ 27,200 36, 200 362,200 10, 200 24, 200 205,500 61,300 522,200 12,200 124,200 $ 876,600 $ 876,600 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses