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 Budgeted unit sales 640 Selling price per unit $ 2,940 Cost per unit $ 1,370 Variable selling and administrative expense (per unit) $ 75 Fixed selling and administrative expense (per year) $ 300,000 Interest expense for the year $ 20,000 Required: Prepare the company's budgeted income statement for the year Gig Harbor Boating Budgeted Income Statement