Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $$25$ per unit. Sales $($in units$)$ are budgeted at $150,000$ for the first quarter. Cost of goods sold is $$14$ per unit. Other expense information for the first quarter follows.

Sales Commissions $8\%$ of sales dollars

Rent $ $42,000$ per quarter

Advertising $ $562,500$ per quarter

Office salaries $ $225,000$ per quarter

Depreciation $ $120,000$ per quarter

Interest $1\mathrm{.}25\%$ quarterly on $$250,000$ note payable

Tax rate $30\%$

Prepare a budgeted income statement for the first quarter ended March $31.$