5. a BUDGETED INCOME STATEMENT (2pts): OutToGetYou, Inc. is preparing its master budget for the first quarter. The company sells a single product at a price of $79 per unit. Sales (in units) are budgeted at 28,000 for the first quarter. Cost of goods sold is $41 per unit. Other expense information for the first quarter follows. Sales Commissions 2% of sales dollars Rent $ 15,000 per quarter Advertising $ 96,000 per quarter Office salaries $ 289,400 per quarter Office Depreciation $ 27,500 per quarter Interest 1.0% quarterly on $300,000 note payable Tax rate 30% Prepare a budgeted income statement for the first quarter ended March 31. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period (Round your intermediate and final answers to the nearest whole dollar.)