The Lees believe that production and sales could double after being on Shark Tank which is scheduled in December of 20XY. They want to be prepared for this. Based on the budgeted income statement calculated below for 20XY, create the new budgeted income for 20XZ assuming that the production and sales is double the level of 20XY.

20XY

Revenue

Sales $51,000

Cost of Goods Sold $21,000

Gross Profit $30,000

Operating Expenses $17,900

Operating Income $12,100

Income Tax Expense $3,388

Net Income $8,712