Lanikai Enterprises reports the year$-$end information from December $31,2024$ as follows:

Sales $(100,000$ units$)$ $$500,000$

Less: Cost of goods sold $300,000$

Gross profit $200,000$

Operating expenses $($includes $$20,000$ of depreciation$)120,000$

Net income $ $80,000$

Lanikai is developing the $2025$ budget. In $2025,$ the company would like to increase selling prices by $10\%,$ and, as a result, expects a decrease in sales volume of $5\%.$ The cost of goods sold as a percentage of sales is expected to increase to $62\%.$ Other than depreciation, all operating costs are variable.

Required:

Prepare a budgeted income statement for the year ended December $31,$