Requirement Prepare the Budgeted Income Statement for the year for Conlan Inc. Interest on the $300,000 long-term note payable is 1% per month (12\% annually). Income taxes will be assessed at 35%, and are paid in the quarter incurred. Requirement Prepare the Budgeted Income Statement for the year for Conlan Inc. Interest on the $300,000 long-term note payable is 1% per month (12\% annually). Income taxes will be assessed at 35%, and are paid in the quarter incurred