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 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Sales Commissions 8% of sales dollars Rent $ 42,000 per quarter Advertising $ 562,500 per quarter Office salaries $ 225,000 per quarter Depreciation $ 120,000 per quarter Interest 1.25% quarterly on $250,000 note payable Tax rate 30% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)