Exercise 8-8 (Algo) Budgeted Income Statement (L08-9) 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: Budgeted unit sales 780 Selling price per unit $ 2,110 Cost per unit $ 1,615 Variable selling and administrative expense (per unit) 5 55 Fixed selling and administrative expense (per year) $ 300,000 Interest expense for the year $ 27,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor loting Budgeted Income Statement