Exercise 8-8 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 Sel l ing price per unit Cost per unit Variable sellirg and administrat ive expense (per unit) Fixed sel ling and administrat ive expense (per year) Interest expense for the year 820 $2,130 $1,500 75 $ 400,000 $ 29,000 Required Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement