Newcastle Boots has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of £2,250,000. The total unit cost of producing one unit is £25. Selling and administrative expenses are expected to be £300,000. Interest expense is estimated to be £10,000. Income taxes are estimated to be £200,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.