Fortune Incorporated 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 budgeted at 152,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions 9% of sales dollars Rent $ 47,000 per quarter Advertising $ 560,000 per quarter Office salaries $ 276,000 per quarter Depreciation $ 142,000 per quarter Interest 1.50% quarterly on $200,000 note payable Tax rate 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)