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 740 Selling price per unit $2,090 Cost per unit $1,490 Variable selling and administrative expenses $80 (per unit) Fixed selling and administrative expenses $345,000 (per year) Interest expense for the year $25,000 Required: Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement 0 O