Smith Labs performs a specialty lab test for local companies for $55 per test. The budgeted cost of performing each test is $28. Operating expenses For the upcoming quarter, Smith Labs is projecting the following sales: are projected to be $61,000 in January, $53,000 in February, and $63,000 in March. Smith Labs is subject to a corporate tax rate of 30%. Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. Prepare the budgeted income statement by first calculating the operating income, then calculate the net income