Production Direct Mtls Direct Lbr Factory OH Selling Exp Admin Exp Cost of Income Sales Budget Budget Budget Budget Budget Budget Budget Goods SoldStatement Requirement Prepare the Budgeted Income Statement for the year for Johnson Inc. Interest on the $250,000 long-term note payable is 1% per month (12% annually). Income taxes will be assessed at 30%, and are paid in the quarter incurred. Johnson Inc. Budgeted Income Statement For the year ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Interest expense Total operating expenses Income before income taxes Income tax expense Net income