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 156,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows Sales Commissions Rent of sales dollars per quarter 9% $ 49,000 $549,000 per quarter Office salaries $ 200,000 per quarter Depreciation $ 116,000 Advertising Interest Tax rate per quarter 1.75% 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.)