Secnie Motors is a chain of car dealerships Sales in the fourth quarter of last year were $4,100,000. Suppose management projects that its cument year's quarterly sales will increase by 3% in quarter 1. by another 2% in Quarter 2, by another 4% in quarter 3, and by another 5% in quarter 4 Management expects cost of goods sold to be 45% of revenues every quarter, while operating expenses should be 35% of revenues during each of the first two quarts 20% of revenuse ting the third quarter, and 25% during the fourth quarter Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare t the first portion of the budget income statement through gris proft, then complete the statement (Run the outs to the nearest while data) Less Cost of goods sold Go Less: Operating expenses Net income Budgeted Income Statement Quarter 1 For the Upcoming Year Quarter 2 Quarter 3 Quarter 4 Year