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The Northeast Regional Division of Novak Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10%% over the same quarter of the preceding year and will then increase by 5%% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 20%% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $176,000. Quarterly salaries are $20,400 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $25.000 Depreciation on office equipment $11,100 Utilities expense $4.400 Miscellaneous expenses 2%% of sales The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales $735,000 Cost of goods sold 404.000 Gross profit 331,000 Operating expenses Sales salaries $52,400 Rent expense 25,000 Depreciation 11,100 Utilities 4,400 Miscellaneous 12,900 Total operating expenses 105.800 Net income $225.200 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022.NOVAK CORP. Northeast Regional Division Budgeted Income Statement For the Quarter Ended March 31, 2022 Sales 808,500 Cost of Goods Sold Gross Profit Operating Expenses Sales Salaries $ 41,445 Rent Expense 25,000 Depreciation 11,100 Utilities 4,400 Miscellaneous 16,170 Total Operating Expenses 98,115 Net Income / (Loss]