EXERCISE 8-8 Budgeted Income Statement L08-99 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 administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 460 $1,950 $1,575 $75 $105,000 $14,000 Required: Using Schedule 9 as your guide, prepare the company's budgeted income statement for the year