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.

$\backslash$table$[[$Sales Commissions,$10\%,$of sales dollars$],[$Rent$,$$$47,000,$per quarter$],[$Advertising$,$$$542,000,$per quarter$],[$Office salaries,$$275,000,$per quarter$],[$Depreciation$,$$$118,000,$per quarter$],[$Interest$,1\mathrm{.}50\%,$quarterly on $$260,000$ note payable$],[$Tax rate,$40\%,]]$

Prepare a budgeted income statement for the first quarter ended March $31.($Round your intermediate and final answers to the nearest whole dollar.$)$