Gig Harbor Boating is the wholesale distributor ofa small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 520 Selling price per unit $ 1,983 Cost per unit 5 1,663 1'arialzlle selling and administrative expense [per unit) 5 63 Fixed selling and administrative expense (per year) 5 165,603 Interest expense for the year $ 14,808 | Required: Prepare the company's budgeted income statement for the year