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 480 Selling price per unit $ 1,960 Cost per unit $ 1,350 Variable selling and administrative expense (per unit) $ 40 Fixed selling and administrative expense (per year) $ 225,000 Interest expense for the year $ 12,000 Required: Prepare the companys budgeted income statement for the year.