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		720
Selling price per unit	$	2,080
Cost per unit	$	1,380
Variable selling and administrative expense (per unit)	$	70
Fixed selling and administrative expense (per year)	$	400,000
Interest expense for the year	$	24,000

Required:

Prepare the companys budgeted income statement for the year.