Explain each operation of the problem and how you find the values for the table 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	860
Selling price per unit	$ 2,150
Cost per unit	$ 1,625
Variable selling and administrative expense (per unit)	$ 95
Fixed selling and administrative expense (per year)	$ 335,000
Interest expense for the year	$ 31,000

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: Required: Prepare the company's budgeted income statement for the year