Langley Company has the following post-closing trial balance on December 31, 2024: (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 2025: (Click the icon to view the budgeting information.) Requirement 1. Prepare Langley Company's budgeted income statement for the first quarter of 2025. Langley Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Additional information: a. b. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. c. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements.