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 Selling price per unit Cost per unit Variable selling and adeinistrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 500 $1,970 $ 1,460 $ se $ 195,000 $ 13,000 Required: Prepare the company's budgeted income statement for the year Gig Hartior Boating Budgeted Income Statement