840 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 $ 2,140 Cost per unit Variable selling and administrative expense (per unit) $1,700 $ 85 Fixed selling and administrative expense (per year) $ 225,000 Interest expense for the year $ 30,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement Sales Manufacturing overhead Gross margin Selling and administrative expenses Net operating income Interest expense Net income >ISISIS $ 1,797,600 71,400 3 1.428,000 225,000 73,200 (30,000) S 43,200