Prepare a budgeted income statement for Intel Corporation for the quarter ending September 30, 2024.

Item	Amount ($)
Expected Sales	750,000
Expected Cost of Goods Sold	450,000
Salaries Expense	120,000
Rent Expense	40,000
Advertising Expense	35,000
Utilities Expense	20,000
Interest Expense	10,000
Income Tax Expense	25,000

Question:

Using the given projections, prepare a budgeted income statement for Intel Corporation for the quarter ending September 30, 2024. Calculate the projected Net Income and explain how the budgeting process can help in financial planning.