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) EBB Selling price per unit $ 2,696 Cost per unit $ 1,686 Variable selling and administrative expenses (per unit) $ 75 Fixed selling and administrative expenses (per year) $185,566 Interest expense for the year $ 14,696 i Required: Prepare the company's budgeted income statement