XYZ Manufacturing Company, a manufacturing finn, has budgeted its activity for December according to the following information: Sales at $900,000, all for cash. Merchandise Inventory on November 30 was $300,000. The cash balance at December 1 was $40,000. Selling and administrative expenses are budgeted at $90,000 for December and are paid for in cash. Budgeted depreciation for December is $50,000. The planned merchandise inventory on December 31 is $250,000. The cost of goods sold represents 60% of the selling price. Interest expense during December is $20,000. All purchases are paid in cash. Using this information prepare a Budgeted Income Statement for December