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The following is Beta Hardware Corporation's income statement for the year ended July 31, 2022: Beta Hardware Corporation Income Statement For the Year Ended July 31, 2022 Revenues $780,000 Cost of Goods Sold $420,000 Gross Profit $360,000 Expenses: Administrative Costs $28,000 Selling Costs $12,000 Salaries $91,000 Rent $22,000 Total Expenses $153,000 Net Income $207,000 Salaries are comprised of $66,000 in manager's salaries and $25,000 in office employees' salaries Beta Hardware is a small business and it does not intend to spend a lot of time and money on budgeting. The manager has determined the 2023 budgeted income statement should simply reflect the following predicted changes from the 2022 income statement: Revenues will increase by 2.5% Gross profit will increase by 4% Selling costs will decrease by 3% Managers' salaries will increase by 8% Administrative costs, office employees' salaries, and rent expense will remain the same Do not enter dollar signs or commas in the input boxes. Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending July 31, 2023 using the incremental budgeting approach Beta Hardware Corporation Budgeted Income Statement For the Year Ended July 31, 2023 Budgeted Revenues S Budgeted Cost of Goods Sold $ Budgeted Gross Profit $ Budgeted Expenses: Administrative Costs $ Selling Costs $ Salaries S Rent Total Budgeted Expenses Budgeted Net Income

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