* part (a) is below. Solve part (b)

*Solve part (b)

(5) 1b. Use the cash budget worked out in Part (a) and the following additional information to prepare a forecast income statement for the first half of 2017 for the XYZ Store. (Note that the store maintains a safety stock of inventory.) .Inventory at 12/31/16 was S240,000. Depreciation is taken on a straight-line basis on $260,000 of assets with an average remaining life of 10 years and no salvage value. The tax rate is 34 percent