Modern Healthcare, a group practice clinic with 10 physicians, had the following income in 2014: The following changes are expected in 2015: The following changes are expected in 2015: The clinic is expecting a 2 percent decline in revenues because of increasing pressure from insurance companies. Physicians are planning to hire a physician assistant at a salary of $45,000 per year. Training costs are expected to increase by $17,000. Supplies are expected to increase to be 10 percent of revenue. Phone, fax, and insurance amounts will stay the same. Depreciation expense will increase by $20,000 per year, since the clinic is planning to purchase equipment for $125,000. Utilities and miscellaneous expenses are expected to increase by 5 percent next year. Taxes on income will be 35 percent. Prepare a budgeted income statement for Modern Healthcare for the year 2015