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 $30\%.$