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: TA 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 $ 40 $ 225,000 $ 12,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement Sales $ 940,800 648,000 292,800 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income