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 $$25$ per unit. Sales $($in units$)$ are budgeted at $153,000$ for the first quarter. Cost of goods sold is $$12$ per unit. Other expense information for the first quarter follows.

$\backslash$table$[[$Sales Commissions,$10\%$ of sales dollars$],[$Rent$,$$$48,000$ per quarter$],[$Advertising$,$$$541,000$ per quarter$],[0$ffice salaries,$$234,000$ per quarter$],[$Depreciation$,$$$133,000$ per quarter$],[$Interest$,2\mathrm{.}00\%$ quarterly on $$280,000$ note payable$],[$Tax rate,$30\%$