8. 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:

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 Variable selling and administrative expenses (per unit) Fixed selling and administrative expenses (per year) Interest expense for the year 600 $2,020 $1,670 $55 S107,000 $18,000 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below Gig Harbor Boating Budgeted Income Statement