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	480
Selling price per unit	$ 1,960
Cost per unit	$ 1,350
Variable selling and administrative expense (per unit)	$ 40
Fixed selling and administrative expense (per year)	$ 225,000
Interest expense for the year	$ 12,000

Required:

Prepare the companys budgeted income statement for the year.