Chec Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9) 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: Badgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Tixed selling and administrative expense (por year) Interest expense for the year 720 $ 2,080 $ 1.380 70 5 400.000 24,000 Required: Prepare the company's budgeted Income statement for the year, Gig Harbor Boating Budgeted Income Statement