740 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 $ 2,090 Cost per unit $ 1,490 Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) $ 345,000 Interest expense for the year $ 25,000 Required: Prepare the company's budgeted income statement for the year. $ 80 Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income $ 1,546,600 1,102,600 444,000 350,920