Exercise 8-8 (Static) Budgeted Income Statement [LOB-9] Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes: Budgeted unit sales 460 Selling price per unit $ 1,950 Cost per unit $ 1,575 Variable selling and administrative expense (per unit) $ 75 Fixed selling and administrative expense (per year) $ 105,000 Interest expense for the year $ 14,000 Required: Prepare a budgeted income statement for the year