Requirement Prepare the Budgeted Income Statement for the year for Zordich Inc' Interest on the $400,000 long-term note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid in the quarter incurred. Budgeted Statement ended December31 2018 Sales Cost of goods sold Operating expenses: Selang expenses Administrative expenses Interest expense Total operating expenses Income before income taxes Income tax expense Net income