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 Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating 680 $ 2,060 $ 1,680 $ 50 $ 200,000 $ 22,000 Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income