Gina Lakes Boating is the wholesale distributor of small recreational catamaran sailboats. Management has prepared the following summary data to use in its annual budgeting process: Budgeted sales (in units) 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 Required: Prepare the company's budgeted income statement. Gina Lakes Boating Budgeted Income Statement 500 $ 2,000 $ 1,600 $ 75 $105,500 $ 14,000