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 700 Selling price per unit $ 2,070 Cost per unit $ 1,505 Variable selling and administrative expense (per unit) $ 60 Fixed selling and administrative expense (per year) $ 200,000 Interest expense for the year $ 23,00 Required: Prepare the company's budgeted income statement for the year Gig Harbor Boating Budgeted Income Statement Sales Cost of goods sold $ 1,449,000 1,123,500 Selling and administrative expenses Net operating loss Pinterest expense Not income