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 $600$

Selling price per unit $ $2,020$

Cost per unit $ $1,670$

Variable selling and administrative expense $($per unit$)$ $ $55$

Fixed selling and administrative expense $($per year$)$ $ $107,000$

Interest expense for the year $ $18,000$

Required:

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