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 43,000 for January, 63,000 for February, and 53,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.

Commissions		10	%	of sales dollars
Rent	$	22,000		per month
Advertising		12	%	of sales dollars
Office salaries	$	78,000		per month
Depreciation	$	54,000		per month
Interest		15	%	annually on a $280,000 note payable
Tax rate		30	%

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