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 expenses (per unit) Fixed selling and administrative expenses (per year) Interest expense for the year 460 $1,950 $1,575 $75 $105.000 $14,000 Required: Prepare the company's budgeted income statement using an absorption income statement format shown below Gig Harbor Boating Budgeted Income Statement