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

Budgeted unit sales $700$

Selling price per unit $ $2,070$

Cost per unit $ $1,605$

Variable selling and administrative expense $($per unit$)$ $ $60$

Fixed selling and administrative expense $($per year$)$ $ $200,000$

Interest expense for the year $ $23,000$

Required:

Prepare a budgeted income statement for the year.