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	660
Selling price per unit	$ 2,050
Cost per unit	$ 1,480
Variable selling and administrative expenses (per unit)	$ 85
Fixed selling and administrative expenses (per year)	$245,000
Interest expense for the year	$ 21,000

Required:

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