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	520
Selling price per unit	$ 1,980
Cost per unit	$ 1,660
Variable selling and administrative expense (per unit)	$ 60
Fixed selling and administrative expense (per year)	$ 105,000
Interest expense for the year	$ 14,000

Required:

Prepare the companys budgeted income statement for the year.

Gig Harbor Boating
Budgeted Income Statement