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 152,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

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

Sales Commissions10%of sales dollarsRent$ 44,000per quarterAdvertising$ 523,000per quarterOffice salaries$ 258,000per quarterDepreciation$ 126,000per quarterInterest1.75%quarterly on $250,000 note payableTax rate30%

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