Monachino Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,600,000. Suppose management projects that its current year's quarterly sales will Increase by 1% in quarter 1, by another 4% in quarter 2, by another 6% in quarter 3 , and by another 2% in quarter 4 . Management expects cost of goods sold to be 55% of revenues every quarter, while operating expenses should be 20% of revenues during each of the first two quarters, 35% of revenues during the third quarter, and 25% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year