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 $14 per unit. Other expense information for the first quarter follows. Sales Commissions Rent per quarter 8% of sales dollars $ 42,000 Advertising $ 562,500 per quarter Office salaries $ 225,000 per quarter Depreciation $ 120,000 per quarter Interest Tax rate 1.25% quarterly on $250,000 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.) Sales Cost of goods sold Gross profit FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 $ 3,750,000 2,100,000 1,650,000 Selling, general and administrative expenses Office salaries expense Interest expense Income before taxes Income tax expense Net income $ 1,249,500 1,249,500 400,500 119,213 $ 281,287