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 600 S 2,020 S 1,670 $ 55 S107,000 $ 18,000 expense for the Required: Prepare the company's budgeted income statement using an absorption income statement format shown below. Gig Harbor Boating Budgeted Income Statement