For the first quarter of 2005, Philip’s Sales Corporation has budgeted sales of \($390,000\) and budgeted cost of goods sold of \($280,000.\) In addition, the budget for the first quarter of 2005 includes wages and salaries of \($42,000,\) rent of \($9,000,\) utilities of \($2,000,\) maintenance of \($1,000,\) and other expenses of \($3,000\).

Required: 

Prepare a budgeted income statement for the first quarter of 2005 for Philip’s Sales Corporation.