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	460
Selling price per unit	$ 1,950
Cost per unit	$ 1,575
Variable selling and administrative expenses (per unit)	$ 75
Fixed selling and administrative expenses (per year)	$105,000
Interest expense for the year	$ 14,000

Required:

Prepare the companys budgeted income statement using an absorption income statement format shown below.