The Northeast Regional Division of Union Corp. has been requested to prepare a quarterly budgeted income statement for 2020 The regional manager expects that sales in the first quarter of 2020 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2020 The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 25% of the next quarter's sales Quarterly purchases average 55% of quarterly sales, Budgeted ending inventory on December 31, 2019 is $176,000. Quarterly salaries are $20,000 plus 5% of sales. All salaries are classified as sales salaries Other quarterly expenses are estimated to be as follows: Rent expense $24.000 Depreciation on office equipment $12,000 Utilities expense $3,600 Miscellaneous expenses 2% of salos The income statement for the first quarter of 2019 was as follows: $720,000 396,000 324,000 Income Statement For the Quarter Ended March 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Sales salaries $52,000 Rent expense 24000 Depreciation 12.000 Utilities 3,600 Miscellaneous 12,800 Total operating expenses Net income 104.400 $219.600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020, UNION CORP. Sales $ Cost of Goods Sold Gross Profit Operating Expenses Sales Salaries Rent Expense Depreciation Utilities Miscellaneous Total Operating Expenses Net Income $