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 780 Selling price per unit $2,110 Cost per unit $1,615 Variable selling and administrative expenses (per unit) $55 Fixed selling and administrative expenses (per year) $300,000 Interest expense for the year $27,000 Required: Prepare the companys budgeted income statement using an absorption income statement format shown below.