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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 3 Budgeted unit sales Selling price per unit Cost per unit Variable selling and adeinistrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 560 2,000 1,360 8e $ 265,000 16,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement