Selling and administrative expenses budget and budgeted income statement A listing of budgeted selling and administrative expenses for Company in P7-2 for the year ended December 31, 2008,e Tire P7-3 1, 2008, were as follows Advertising expense Office rent expense $342,000 125,000 Office supplies expense.. Officers salarles expense . Sales salaries expense Telephone and fax expense .. 821,000 45,500 661,000 ...868,000 33,500 443,000 Travel expense Required: 1. Prepare a selling and administrative expenses budget, in good f 2. Using the information above and the budgets prepared i orm, n P7-2 ming for the year 2008. prepare a budgeted income statement for the year 2008, assu an income tax rate of 40%. Prenaring a flevible budeot