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 500 Selling price per unit $ 1,970 Cost per unit $ 1,460 Variable selling and administrative expense (per unit) $ 50 Fixed selling and administrative expense (per year) $ 196,000 Interest expense for the year $ 13,000

Required: Prepare the companys budgeted income statement for the year.