Take me to the text Eng The following is Gamma Hardware Corporation's income statement for the year ended March 31, 2020: Gamma Hardware Corporation Income Statement For the Year Ended March 31, 2020 Revenues $760,000 Cost of Goods Sold $470,000 Gross Profit $290,000 Expenses: Administrative Costs $28,000 Selling Costs $15,000 Salaries $94,000 Rent $25,000 Total Expenses $162,000 Net Income $128,000 Salaries are comprised of $62,000 in manager's salaries and $32,000 in office employees' salaries Gamma Hardware is a small business and it does not intend to spend a lot of time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement: Revenues will increase by 3.5% Gross profit will increase by 8% Selling costs will decrease by 4% Managers' salaries will increase by 5% Administrative costs, office employees' salaries, and rent expense will remain the same . Administrative costs, office employees' salaries, and rent expense will remain the same Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending March 31, 2021 using the incremental budgeting approach. Gamma Hardware Corporation Budgeted Income Statement For the Year Ended March 31, 2021 Budgeted Revenues Budgeted Cost of Goods Sold $ Budgeted Gross Profit $ Budgeted Expenses, Administrative Costs $ Selling Costs $ Salaries $ Rent $ Total Budgeted Expenses $ Budgeted Net Income