QUESTION 3 Not yet answered Marked out of 7.00 P Flag question Budgeted Income Statement Pendleton Company, a merchandising company, is developing its master budget for 2015. The income statement for 2014 is as follows: Pendleton Company Income Statement For Year Ending December 31, 2014 Gross sale:s $2,500,000 (50,000) 2,450,000 (1,375,000) 1,075,000 (625,000) Less: Estimated uncollectible accounts Net sales Cost of goods sold Gross profit Operating expenses (including $25,000 depreciation) Net income