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 expenses (per unit) Fixed selling and administrative expenses (per year) Interest expense for the year 540 $ 1,990 $ 1,585 $ 70 $140,000 $ 15,000 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below. Gig Harbor Boating Budgeted Income Statement