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 500 5 1,970 $ 1,460 $ 50 $ 196,000 $ 13,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement