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SOLVED: Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9]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: 760Selling price per unit: 2,100Cost per unit:1,690Variable selling and administrative expense (per unit): 90Fixed selling and administrative expense (per year):200,000Interest expense for the year: 26,000Required: Prepare the company's