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 37,000 for January, 57,000 for February, and 47,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		12	%	of sales dollars
Rent	$	16,000		per month
Advertising		13	%	of sales dollars
Office salaries	$	78,000		per month
Depreciation	$	49,000		per month
Interest		10	%	annually on a $250,000 note payable
Tax rate		30	%

Prepare a budgeted income statement for this first quarter.