The Detroit Motor Company, a manufacturing firm, has budgeted its activity for December, according to the following information:

• Sales at $3,000,000, all for cash.
• Merchandise Inventory on November 30 was $400,000
• The cash balance on December 1 was $140,000.
• Selling and administrative expenses are budgeted at $280,000 for December and paid in cash.
• Budgeted depreciation for December is $360,000
• The planned merchandise inventory on December 31 is $450,000.
• The cost of goods sold represents 70% of the selling price.
• Interest expense during December is $150,000
• All purchases are paid in cash.

Using this information, prepare a Budgeted Income Statement for December: