\begin{tabular}{c|ccc} 4 & A & B & C \\ 1 & BE7-9 - Preparing a Budgeted Income Statement \end{tabular} Gig Harbour Boating is the wholesale distributor of small recreational catamaran sailboats. Management has prepared the following summary data to use in its annual budgeting process: \begin{tabular}{|l|rr|r|} \hline Budgeted sales (in units) & & 460 \\ \hline Selling price per unit & $ & 1,950 \\ \hline Cost per unit & $ & 1,575 \\ \hline Variable selling and administrative expenses (per unit) & $ & 75 \\ \hline Fixed selling and administrative expenses & $ & 105,000 \\ \hline Interest expense for the year & $ & 14,000 \\ \hline \end{tabular} Required: Prepare the company's budgeted income statement