Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes: Budgeted unit sales $680$ Selling price per unit $ $2,060$ Cost per unit $ $1,680$ Variable selling and administrative expense $($per unit$)$ $ $50$ Fixed selling and administrative expense $($per year$)$ $ $200,000$ Interest expense for the year $ $22,000$ Required: Prepare a budgeted income statement for the year.