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 158,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent 8% of sales dollars per quarter $ 43,000 Advertising $ 592,000 per quarter Office salaries $ 222,000 per quarter Depreciation. $ 123,000 Interest Tax rate per quarter 1.25% quarterly on $220,000 note payable 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement Er der Ended March 24