A company sells 140,000 units at $4.50 per unit. The average cost for each unit is $2.60. The current distribution costs and administrative expenses are $130,000 and $110,000, respectively. The sales manager expects unit sales to increase by 6% during the budget year and the unit selling price, by 3%. The purchasing manager expects the purchase price per unit to increase by 2%. The vice-president of marketing also predicts that the $130,000 distribution costs will go up by 4%, and the vice-president of administration expects his costs of $110,000 to increase by 3%. On the basis of these assumptions, construct a statement of income for the current year and for the budget year.