Use the following information to prepare a budgeted income statement for Stellar Company for the month of June.

a. Beginning cash balance on June 1 is $52,000.

b. Sales amounts are: April (actual), $1,450,000, May (actual), $1,600,000, and June (budgeted), $1,700,000.

c. Cost of goods sold is 53% of sales.

d. Budgeted cash payments for salaries in June: $260,000. Salaries payable on May 31 are $60,000 and are expected to be $50,000 on June 30.

e. Budgeted depreciation expense for June: $24,000.

f. Other cash expenses budgeted for June: $282,000.

g. Accrued income taxes due in June: $48,000.

h. Bank loan interest due in June: $8,000 which represents the 1% monthly expense on a bank loan of $800,000.

i. The income tax rate applicable to the company is 30%.