720 $ 2,080 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: Budgeted unit sales Selling price per unit Cost per unit $ 1,380 Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) $ 400,000 Interest expense for the year $ 24,000 Required: Prepare the company's budgeted income statement for the year. $ 70