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 sales700Selling price per unit$2,070Cost per unit$1,605Variable selling and administrative expense (per unit)$60Fixed selling and administrative expense (per year)$200,000Interest expense for the year$23,000

Required:

Prepare the company's budgeted income statement for the year.