Argenta, Inc. is preparing its master budget for the first quarter ending March 31. The following forecasted data relate to the first quarter:

Unit sales:
January ..	40,000
February	55,000
March	50,000
Unit sales price .	$25
Cost of goods sold per unit ...	$13
Expenses:
Commissions	10% of sales
Rent ..	$20,000/month
Advertising ..	15% of sales
Office salaries ..	$75,000/month
Depreciation .	$50,000/month
Interest ..	15% annually on a $250,000 note payable
Tax rate.	40%

Prepare a budgeted income statement for the first quarter.