Required information (The following information applies to the questions displayed below] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Credit Debit $ 52,600 122,600 66,600 127,600 Cash Accounts receivable Merchandise inventory Equipment 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 $ 27,600 36,600 24, 600 206,500 61,900 522,600 362,609 10,600 12,600 124.600 $ 879,800 $ 879,800 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. 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