Required information Use the following information for the Exercises below. (Algo) The following information applies to the questions displayed below.) Lamonte Company reports the following budgeted December 31 adjusted trial balance. Credit Debit $ 50,600 120,600 64,600 125,600 Cant 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 expende Totals 5.25,600 34,600 22,600 201,500 58.900 520.600 360,600 8,600 10,600 122,600 $ 863,800 $ 863,800 Exercise 22-28A (Algo) Merchandising: Preparing a budgeted income statement LO P4 Check my work Exercise 22-28A (Algo) Merchandising: Preparing a budgeted Income statement LO P4 Prepare the budgeted income statement for the current year ended December 31 Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement For Your Ended December 31 Sales cost of goods sold Gross profit Saling general and administrative expenses Loan interest expense Depreciation expense Series expense 0 $ 0 Net Income