Required information $[$The following information applies to the questions displayed below.$]$

Lamonte Company reports the following budgeted December $31$ adjusted trial balance.

Prepare the budgeted income statement for the current year ended December $31.$ Ignore income taxes.

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$[$The following information applies to the questions displayed below.$]$

Lamonte Company reports the following budgeted December $31$ adjusted trial balance.

Debit Credit

Cash $ $52,000$

Accounts receivable $122,000$

Merchandise inventory $66,000$

Equipment $127,000$

Accumulated depreciation$$Equipment $ $27,000$

Accounts payable $36,000$

Loan payable $24,000$

Common stock $205,000$

Retained earnings $($beginning year balance$)61,000$

Sales $522,000$

Cost of goods sold $362,000$

Loan interest expense $10,000$

Depreciation expense $12,000$

Salaries expense $124,000$

Totals $ $875,000$ $ $875,000$

Prepare the budgeted income statement for the current year ended December $31.$ Ignore income taxes.