EXERCISE 8-8 Budgeted Income Statement LO8-9 Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Man- agement has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit.. 460 $1,950 Cost per unit........ $1,575 Variable selling and administrative expense (per unit) $75 Fixed selling and administrative expense (per year). Interest expense for the year.... $105,000 $14,000 Required: Using Schedule 9 as your guide, prepare the company's budgeted income statement for the year