Exercise $20-24($Algo$)$ Budgeted income statement LO P$3$ Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $\backslash (\backslash$$ $25\backslash )$ per unit. Sales $($in units$)$ are budgeted at $159,000$ for the first quarter. Cost of goods sold is $\backslash (\backslash$$ $12\backslash )$ 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.$)/$r$/$n Prepare a budgeted income statement for the first quarter ended March $31.($Round your intermediate and final answers to the nearest whole dollar.$)$ Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $\backslash (\backslash$$ $25\backslash )$ per unit. Sales $($in units$)$ are budgeted at $155,000$ for the first quarter. Cost of goods sold is $\backslash (\backslash$$ $12\backslash )$ per unit. Other expense information for the first quarter follows.

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Sales Commissions $8\%$ of sales dollars

Rent $$43,000$ per quarter

Advertising $ $553,000$ per quarter

Office salaries $ $291,000$ per quarter

Depreciation $ $122,000$ per quarter

Interest $1\mathrm{.}50\%$ quarterly on $$260,000$ note payable

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

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