Exercise 8-8 Budgeted income Statement [LO9]Seattle Cat is the wholesale distributor of a small recreational catamaran sailboat. Management hasprepared the following summary data to use in its annual budgeting process:Budgeted unit sales 370Selling price per unit $1,850Cost per unit $1,575Variable selling and administrative expenses (peryear) $73 Fixed selling and administrative expenses peryear) $ 88,000Interest expense for the year $12,800Required:Prepare the company?s budgeted income statement using an absorption income statement formatshown below. (Input all expense amounts as positive values. Omit the $ sign in your response.)