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 Budgeted Income Statement 660 $ 2,050 $ 1,480 $ 85 $ 245,000 $ 21,000 Sales Gross margin Net operating income Interest expense $ 1,353,000 376,200 21,000 $ 54,100