Christy Enterprises reports the year-end information from 2020 as follows: Sales (100,000 units) Cost of goods sold Gross profit $500,000 300,000 200,000 Operating expenses (includes $20,000 of Depreciation) 120,000 Net income $ 80.000 Christy is developing the 2021 budget. In 2021 the company would like to increase selling prices by 10%, and as a result expects a decrease in sales volume of 5%. Cost of goods sold as a percentage of sales is expected to increase to 62%. Other than depreciation, all operating costs are variable. Required: Prepare a budgeted income statement for 2021.