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 forecasted at 39,000 for January, 59,000 for February, and 49,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		9	%	of sales
Rent	$	19,000		per month
Advertising		12	%	of sales
Office salaries	$	71,000		per month
Depreciation	$	53,000		per month
Interest		12	%	annually on a $210,000 note payable
Tax rate		30	%

Prepare a budgeted income statement for this first quarter.