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The following information relates to DFW Corporation: All sales are on account and are budgeted as follows January, $320,000, February, $350,000, March, $360,000; and April, $400,000 DFW collects 70% of its sales in the month of sale and 30% in the following month Cost of goods sold averages 60% of sales Purchases total 65% of the following month's sales and are paid in the month following acquisition Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000 Interest expense is $2,000 per month The Income tax rate is 30% Selected amounts taken from the January 31 balance sheet were accounts receivable, $115,000; plant and equipment (net), $107,000, and retained earnings, $85,000 Required Prepare a budgeted income statement for the first quarter ended March 31, 20x1