28 Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements Ist Ouarter 2nd Quarter 3rd Quarter 4th Quarter $ 340,000 $460.000 $390,000 $410,000 $ 386,000 S 356,000 $346,000 $ 366,000 The company's beginning cash balance for the upcoming fiscal year will be $24,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. 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: $ 700 2.070 1.605 Badgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense per year) Interest expense for the year $ 200.000 $ 23.000 Required: Prepare the company's budgeted income statement for the year Gig Harbor Boating Budgeted Income Statement