Complete the following exercise: Exercise 07-34 Budgeted income statement LO P3 Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are forecasted at 43,000 for January, 63,000 for February, and 53,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions 8 % of sales dollars Rent $ 19,000 per month Advertising 15 % of sales dollars Office salaries $ 71,000 per month Depreciation $ 46,000 per month Interest 13 % annually on a $260,000 note payable Tax rate 40 % Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.)