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

Selling price per unit

cost per unit

Variable selling and administrative expense $($per unit$)$

Fixed selling and administrative expense $($per year$)$

Interest expense for the year

$480$

$$1,960$

$$1,350$

$$440$

$$225,000$

$$12,000$

Required:

Prepare the company's budgeted income statement for the year.