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 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 Debit Credit $ 50,200 120,200 64,200 125,200 $25,200 34,200 22,200 200,500 58,300 520,200 360,200 8,200 10,200 122,200 $860,600 $860,600 Exercise 20-28A (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 Year Ended December 31 Gross prof Selling, general and administrative expenses 0