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 36,000 for January, 56,000 for February, and 46,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent $ 16,000 Advertising 9% of sales dollars per month 12% of sales dollars Office salaries $ 77,000 per month Depreciation $47,000 per month Interest 12% annually on a $270,000 note payable Tax rate 30% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.)