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 is $780

Selling price per unit is $2110

Cost per unit is $1615

Variable selling and administrative expense (per unit) is $55

Fixed selling and administrative expense (per year) is $300,000

Interest expense for the year is $27,000

Prepare the company's budgeted income statement for the year

Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran saliboat. 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