Required information [The following information applies to the questions displayed below] Gulf States Manufacturing has the following data from year 1 operations, which are to be used for developing year 2 budget estimates: All depreclation charges are fixed. Old manufacturing equipment with an annual depreclation charge of $16,350 will be replaced in year 2 with new equlpment that wil incur an annual depreciation charge of $22800. Sales volume and prices are expected to increase by 15 percent and 4 percent, respectlvely, On o per-unit basis. expectations are that materials costs wil increase by 13 percent and vartabie manufocturing costs will decrease by 3 percent Fixed cash manfacturing costs are expected to decrease by 10 percent. Variable marketing costs will change wit volume. Administrative cabh costs are expected to increase by is percent inventores are kept at zoro. Guil Statef operates on a cash bask. Required: Prepsie a ougpoted income statemanc for yas 2 iDo not round intermediate colculations Pound your final answers to the nearest whole doliar amounts.) Prepare a budgeted income statement for year 2 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts.)