2. 1.00 points Exercise 7-8 Budgeted Income Statement [LO7-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: 760 $2,100 $1,690 $90 Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expenses (per unit) Fixed selling and administrative expenses (per year) 200,000 Interest expense for the year $26,000 Required: Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement