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 156,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 10% of sales dollars $ 47,000 per quarter $ 537,000 per quarter $ 213,000 per quarter $ 112,000 per quarter 1.75% quarterly on $300,000 note payable 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)