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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:

Budgeted unit sales	600
Selling price per unit	$ 2,020
Cost per unit	$ 1,670
Variable selling and administrative expense (per unit)	$ 55
Fixed selling and administrative expense (per year)	$ 107,000
Interest expense for the year	$ 18,000

Required:

Prepare the companys budgeted income statement for the year.

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: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 600 $ 2,020 $ 1,670 $ 55 $ 107,000 $ 18,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement