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.

Commissions8%of sales dollarsRent$15,000per monthAdvertising10%of sales dollarsOffice salaries$79,000per monthDepreciation$53,000per monthInterest13%annually on a $270,000 note payableTax rate40%

Prepare a budgeted income statement for this first quarter.(Rounding your final answers to the nearest whole dollar.)