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 151,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales 10% of sales dollars Commissions Rent $ 41,000 per quarter $ Advertising per quarter 506,000 Office $ salaries 260,000 per quarter $ Depreciation per quarter 120,000 Interest 1.50% quarterly on $260,000 note Tax rate 30% payable 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 For Quarter Ended March 31 Selling, general and administrative expenses