BE9-8 Paige Company has completed all of its operating budgets. The sales budget for the

Paige Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,000,000. The total unit cost of making one unit of sales is $22. Selling and administrative expenses are expected to be $300,000. Income taxes are estimated to be $150,000.

Prepare a budgeted income statement for the year ending December 31, 2011.