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 460 Selling price per unit $ 1,950 Cost per unit $ 1,575 Variable selling and administrative expense (per unit) $ 75 Fixed selling and administrative expense (per year) $ 105,000 Interest expense for the year $ 14,000 Required: Prepare the company's budgeted Income statement for the year. Gig Harbor Boating Budgeted Income Statement Sales $ 1,120,000 761,600 358,400 309,800 48,600 16.000 $ 32.600