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 42,000 for January, 62,000 for February, and 52,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions8%of sales dollarsRent$22,000per monthAdvertising13%of sales dollarsOffice salaries$75,000per monthDepreciation$46,000per monthInterest11%annually on a $300,000 note payableTax rate30%

budgeted income statement for this first quarter.(Round your final answers to the nearest whole dollar.)