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 680 Selling price per unit $2,060 Cost per unit $1,680 Variable selling and administrative expenses (per unit) $50 Fixed selling and administrative expenses (per year) Interest expense for the year $200,000 $22,000 Required: Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement