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 540

Selling price per unit $ 1,990

Cost per unit $ 1,585

Variable selling and administrative expense (per unit) $ 70

Fixed selling and administrative expense (per year) $ 140,000

Interest expense for the year $ 15,000

Prepare the companys budgeted income statement for the year.