Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes:

Budgeted unit sales	800
Selling price per unit	$ 2,120
Cost per unit	$ 1,390
Variable selling and administrative expense (per unit)	$ 65
Fixed selling and administrative expense (per year)	$ 500,000
Interest expense for the year	$ 28,000

Required:

Prepare a budgeted income statement for the year.