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 820 $ 2,130 $ 1,500 $ 75 $ 400,000 $ 29,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement