Fortune Inc. 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. Prepare a budgeted income statement for the first quarter ended March 31. Round expense amounts to the dollar.

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$ 42,000 per quarter $ 225,000 per quarter $120,000 per quarter Sales commissions 8% of sales dollars Rent .... ... $562,500 per quarter 1.25% quarterly on $250,000 note payable Advertising Office salaries Interest . Depreciation... Tax rate 30%