The following is Mike's income statement for the year endedDecember 31, 2022.

Sales Revenue (200,000 units)	$2,850,000
Manufacturing Costs
Materials	$ 168,000
Variable cash costs	$ 142,400
Fixed cash costs	$ 327,600
Depreciation (fixed)	$ 999,000
Marketing and Administrative Costs
Marketing (variable, cash)	$ 422,400
Marketing depreciation	$ 149,600
Administrative (fixed, cash)	$ 509,200
Administrative depreciation	$ 74,800
Total Costs	$2,793,000
Operating Profits	$ 57,000

All depreciation charges are fixed and are expected to remain the same for 2023. Sales volume is expected to fall by 5%, but prices are expected to rise by 15%. Material costs per unit are expected to increase by 12%. Other unit variable manufacturing costs are expected to decrease by 10% per unit. Fixed costs are expected to increase by 4%.

Variable marketing costs will change with unit volume. Administrative cash costs are expected to increase by 5%. Inventories are kept at zero. Mike operates on a cash basis.

Required: Using Excel, prepare a budgeted income statement for 2023. Include the 2022 income statement for comparison purposes.