Check my 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 460 Selling price per unit $ 1,950 Cost per unit $ 1,575 Variable selling and administrative expense (per unit) $ 75 Fixed selling and administrative expense (per year) $105,000 Interest expense for the year $ 14,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement Sales $ Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income 897,000 724,500 172.500 139,500 14,000