Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sallboat. 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 640 S 2,040 $ 1,370 75 $ 300,000 $ 20,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement