Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cashi Accounts receivable Merchandise inventory Equipment Debit Credit $ 50,000 120,000 64,000 125,000 $ 25,000 34,000 Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals 360,000 8,000 22,000 200,000 58,000 520,000 10,000 122,000 $ 359,000 $ 859,000 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses 0 $ 0