The budgeted income statement is prepared by integrating the sales budget, cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are in the following Budgeted Income Statement Data Table.

Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the nearest whole dollar. Enter interest expense as a negative number. Enter all other amounts as positive numbers.

Budgeted Income Statement Data Table
Interest revenue for the year	$2,000
Interest expense for the year	$1,500
LearnCos income tax rate	40%

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Budgeted Income Statement

For the Year Ending December 31, 20Y2

1	Revenue from sales
2	Cost of goods sold
3	Gross profit
4	Selling and administrative expenses:
5	Selling expenses
6	Administrative expenses
7	Total selling and administrative expenses
8	Income from operations
9	Other revenue and expense:
10	Interest revenue
11	Interest expense
12	Income before income tax
13	Income tax
14	Net income