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 720 Selling price per unit $ 2, 080 Cost per unit $ 1, 380 Variable selling and administrative expense (per unit) $ 70 Fixed selling and administrative expense (per year) $ 400, 000 Interest expense for the year $ 24 , 000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement K