Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022. CHEYENNE CORP. Northeast Regional Division Budgeted Income Statement LAThe income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales $700,000 Cost of goods sold 395,000 Gross profit 305.000 Operating expenses Sales salaries $52,800 Rent expense 25,500 Depreciation 11,100 Utilities 4,500 Miscellaneous 13,200 Total operating expenses 107.100 Net income $197.900The Northeast Regional Division of Cheyenne Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 20% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $178,000. Quarterly salaries are $20,600 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $25.500 Depreciation on office equipment $11,100 Utilities expense $4.500 Miscellaneous expenses 2% of sales