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 150,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Sales Commissions	10%	of sales dollars
Rent	$ 44,000	per quarter
Advertising	$ 576,000	per quarter
Office salaries	$ 256,000	per quarter
Depreciation	$ 104,000	per quarter
Interest	1.25%	quarterly on $210,000 note payable
Tax rate	30%

Prepare a budgeted income statement for the first quarter ended March 31.

Note: Round your intermediate and final answers to the nearest whole dollar.