You are a Senior Managerial Accountant at Wild Water Sports Inc., a company that makes water sporting equipment. The company know that creating a budgeted income statement is important for the company financial position. Your boss has asked you to prepare a budgeted income statement for the first quarter based on the given information below. 40,000 55,000 45,000 $25 $15 MINE Unit sales: January February March Unit sales price Cost of goods sold per unit Expenses: Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 10.5% of sales $25,000/month 16% of sales $78,500/month $50,500/month 13% annually on a $290,000 note payable 40% Required: 1. Prepare a budgeted income statement for this first quarter