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		640
Selling price per unit	$	2,040
Cost per unit	$	1,370
Variable selling and administrative expense (per unit)	$	75
Fixed selling and administrative expense (per year)	$	300,000
Interest expense for the year	$	20,000

Required:

Prepare the companys budgeted income statement for the year.

Gig Harbor Boating Budgeted Income Statement