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 expenses (per unit) Fixed selling and administrative expenses (per year) Interest expense for the year 540 $1,990 $1,585 $70 $140,000 $15,000 Required: Prepare the company's budgeted income statement using an absorption income statement format. Gig Harbor Boating Budgeted Income Statement