Use the following information to prepare a budgeted income statement for Miller Company for the month of June. a. Beginning cash balance on June 1 is $62,000. b. Sales amounts are: April (actual), $1,550,000, May (actual), $1,750,000, and June (budgeted), $2,100,000. c. Cost of goods sold is 56% of sales. d. Budgeted cash disbursements for salaries in June: $265,000. e. Budgeted depreciation expense for June: $28,000. f. Other cash expenses budgeted for June: $382,000

g. Accrued income taxes paid in May: $38,000 .

h. Bank loan interest due in June: $10,000 which represents the 1% monthly expense on a bank loan of $1,000,000. i. The income tax rate applicable to the company is 40%.