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 company’s budgeted income statement for the year.