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	820
Selling price per unit	$ 2,130
Cost per unit	$ 1,500
Variable selling and administrative expense (per unit)	$ 75
Fixed selling and administrative expense (per year)	$ 400,000
Interest expense for the year	$ 29,000

Required:

Prepare the companys budgeted income statement for the year.