St. Germaine Motors is a chain of car dealerships. Sales in the fourth quarter of last yeat wore $3,800,000. Suppose management projects that its current year's quarferly sales will increase by 4\%, in quarter 1, by another 3% in quarter 2, by another 7% in quartor 3 , and by another 5% in quarter 4 . Management expects cost of goods sold to be 55% of revenues every quarter, while operating expenses should be 20% of revenues during each of the first two quarters, 35% of revenues during the third quarter, and 25% during the fourth quarter. Requirement Prepare a budgeled income statement for each of the four quarters and for the entire year. Prepare the frst portion of the budgoted income statement through gross profit, then complate the stalement. (Rhound the amounts to the nearost whicie doliat)