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 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows.

Commissions		8	%	of sales dollars
Rent	$	14,000		per month
Advertising		15	%	of sales dollars
Office salaries	$	75,000		per month
Depreciation	$	40,000		per month
Interest		5	%	annually on a $250,000 note payable
Tax rate		30	%

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