Lawn Engineering, an acclaimed chemical engineering team of engineers, chemists, and other scientists, had the

following income in $2020$ :

The following changes are expected in $2021$ :

The company is expecting a $10$ percent increase in revenues because of increasing demand in the marketplace

for its services.

Training costs are expected to increase by $$47,000.$

Supplies are expected to increase to $8$ percent of revenue.

Phone, fax, accounting services, and insurance amounts will stay the same.

Depreciation expense will increase by $$8,600$ per year, since the company is planning to purchase equipment

for $$71,200.$

Lawn is planning to hire a laboratory technician at a salary of $$33,700$ per year.

Utilities and miscellaneous expenses are expected to increase next year by $10$ percent.

Taxes on income will be $20$ percent.

Prepare a budgeted income statement for Lawn Engineering for fiscal year $2021.$