QUESTION 3 Use the following information to prepare a budgeted income statement for Stellar Company for the month of June a Beginning cash balance on June 1 is $52,000 b. Sales amounts are: April (actual), $1,450,000, May (actual), $1,600,000, and June (budgeted) $1,700,000 c. Cost of goods sold is 63% of sales. d. Budgeted cash disbursements for salaries in June: $260,000. Satarles payable on May 31 are $60,000 and are expected to be $50,000 on June 30 e Budgeted depreciation expense for June: $24,000 1. Other cash expenses budgeted for June: $282,000, 9 Accrued income taxes due in June: $48.000 h Bank loan interest due in June: $8,000 which represents the 1% monthly expense on a bank loan of $800,000 1. The income tax rate applicable to the company is 30%