Wheels is an exotic car dealership. Sales in the fourth quarter of last year were $4,100,000. Suppose its Gatineau office projects that its current year's quarterly sales will increase by 3% in quarter 1, by another 5% in quarter 2, by another 4% in quarter 3, and by another 6% in quarter 4. Management expects cost of goods sold to be 45% of revenues every quarter, while operating expenses should be 30% of revenues during each of the first two quarters, 25% of revenues during the third quarter, and 20% during the fourth quarter. Requirement 1. Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round interim and final calculations to the nearest whole dollar.) Wheels Budgeted Income Statement For the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 1 Sales Cost of goods sold Gross profit Operating expenses Net Income Year