Lundquist & Fretwell, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Billable Hours Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff 25,000 6,000 40,000 8,500 5,000 500 Partners The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAs, for the year ending May 31, 2018.