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		600
Selling price per unit	$	2,020
Cost per unit	$	1,670
Variable selling and administrative expense (per unit)	$	55
Fixed selling and administrative expense (per year)	$	107,000
Interest expense for the year	$	18,000

Required:

Prepare the companys budgeted income statement for the year.

Gig Harbor Boating Budgeted Income Statement